Oman non-oil sectors to rake in 90% of GDP by 2040-end

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The contribution of non-oil sectors in Oman is expected to reach 90% of the total GDP by the end of 2040, said Ahmed Al Hajri, Director General of Nizwa Industrial City.

“The economic stimulus plan, approved by the Council of Ministers and endorsed by His Majesty Sultan Haitham bin Tarik, presents incentives to ensure economic growth rates of more than 2.5%,” he said at a seminar entitled ‘Nizwa Industrial City: Reality and Prospects’, organised as part of Madayn’s Oman Manufacturing Group (OMG) series of events for the year 2022.

Al Hajri said the investment volume in Al Dakhiliyah Governorate has touched approximately OMR900 million ($2.34 billion), of which OMR600 million is the total investment volume of Nizwa and Samail Industrial Cities, representing 66% of the total investment volume in Al Dakhiliyah. The number of localised projects in these two industrial cities has reached nearly 300, which employ around 6,647 of workforce.

Incentives for investors

Al Hajri then outlined the incentives offered by Madayn to the investors and business owners in its network of industrial cities across the sultanate. These include: lease period of lands and facilities for up to 30 years, renewable for the same period; usufruct contracts for up to 99 years; right to waive the lease right for the remaining period of the contract; right to sell constructions and buildings on the leased land; right to involve new partners in the lease contract; fair evaluation of buildings and facilities upon the termination of the lease contract; developed and equipped lands with basic services (water, electricity, telecom, roads); and transparent legal frameworks illustrating rights and obligations; punctuality in service delivery; in addition to other incentives.

Madayn Vision 2040

On her part, Mariya Al Zadjali, Director of Strategic Planning and Corporate Performance Assessment at Madayn, briefed the audience on Madayn Vision 2040, which aims at creating world-class business cities while maintaining the Omani identity to contribute to economic growth.

The vision revolves around promoting comprehensive and sustainable economic and social development through strengthening Public-Private Partnership, developing and operating business cities with integrated services, keeping pace with the variables and adopting best solutions and technologies to meet business requirements while conforming to the environmental standards.

Investment complexes

Eng Samar Al Hosni, Director of Planning and Geographical Systems at Madayn, delivered a presentation on the investment opportunities available in Madayn Investment Complexes in Sur, Samail, Suhar and Al Buraimi Industrial Cities. In Sur Industrial City, investment opportunities are offered in food investment complexes on an area of 42,000 sq m, and multiple industries investment complexes on an area of 41,000 sq m.

Samail Industrial City offers investment opportunities in food investment complexes (53,000 sq m), multiple industries investment complexes (22,000 sq m), and logistics investment complexes (61,000 sq m). Suhar Industrial City’s available investment opportunities include food investment complexes (60,000 sq m), multiple industries (60,000 sq m), and plastic industries investment complexes (50,000 sq m). Al Buraimi Industrial City also offers investment opportunities in food investment complexes (27,000 sq m) and multiple industries investment complexes (32,000 sq m).