Move aims to encourage investors and business owners to localise their businesses in industrial cities
A new package of incentives for investors and developers has been announced by Oman’s Public Establishment for Industrial Estates (Madayn). The incentives aims to help entities build, operate, manage, sell and lease industrial and commercial buildings and units within developments.
The move was made possible thanks to amended provisions of the investment regulations by Madayn, in bid to enhance its competitiveness in the investment environment, a statement said.
The amendments include granting activity licenses for those holding Riyada certificates from the Public Authority for Small and Medium Enterprises Development, as well as reducing fees for licensing the activity for small businesses that have not obtained Riyada certificate. It also includes granting a new development license, development license/sub developer and development license/operator.
“The decision to amend provisions of the investment regulations offers an added value for the industrial cities and gives an impetus for investors, business owners and SMEs from inside and outside the sultanate to localise their businesses in the industrial cities. It is in continuity of Madayn’s role to diversify income sources and support the national economy through providing a set of incentives that contributes to the advancement of the business environment in the sultanate,” said CEO Hilal bin Hamad Al Hasani.
He added, “These include allowing investors to rent buildings and facilities that are built on leased lands. Also the investors may involve new partners in the lease contract with Madayn, provided that the activity of the new partner complements the activity of the current investor.”
Additionally, Madayn said its board of directors has granted the authority to reduce fees at a rate not exceeding 50% and a period not exceeding five years, for fees of licensing and the services offered by Madayn, and the rents of lands and facilities in the new industrial cities or those industrial cities that require exceptional incentives and advantages.
The package also includes reductions of up to 70% in fees for licensing activities in industrial cities, Al Hasani remarked.