Oman’s Khazean Economic City has signed its first GCC investment with Saudi Arabia's Al Watania Al Khalijyah for Paper Products.
The project is considered as Oman's first-of-its-kind carton plates manufacturing unit with an initial investment of RO2 million ($5.2 million).
The planned facility will occupy an area of 10,000 sq m within the light and medium industrial zone in Khazaen with construction to be completed by the end of this year.
Al Watania Al Khalijyah for Paper Products is an affiliate of Al Watania for Industries Company, which is ranked among the top 100 companies in Saudi Arabia.
The agreement was signed in Muscat by Khalid Awadh Al Balushi, CEO of Khazaen, and Eng Ibrahim bin Ibrahim Behairi, CEO of Al Watania.
“Today we have achieved a significant milestone for Khazaen as we are delighted to sign our first GCC investment with Al Watania for Industries to develop the first carton plate manufacturing unit in Oman. This confirms the trust that Khazaen is gaining from local and international investors due to its attractive location, swift access to various logistics gateways across the country and Oman's investor-friendly climate in general,” Al Balushi said.
He further said: “We aspire to attract more inward investments from GCC countries in general, and from Saudi Arabia, in particular, as this will not only bring more industrial knowhow to the Sultanate, but also will create promising job opportunities for the Omani youth.”
Behairi said: “Oman is known to be an investment-friendly country. Thus, we are confident that our investment in establishing the first factory affiliated to Al Watania to produce carton plates in Khazaen will be a great added value for both parties. We plan to allocate 60 per cent of the factory's production capacity to meet local demand, while exporting the rest to regional markets.”
Behairi added: “The advantages offered by Khazaen, along with its strategic location, have been important factors for us to choose this promising economic city. We are certain that through this project, we can contribute to the growth of inter-GCC investments.”
Khazaen is Oman's most recent integrated economic city being developed over a 51.6 million sq m land in Barka, South Batinah Governorate. The City is strategically located near the capital city of Muscat and is only 30 minutes from Muscat International Airport. Khazaen is the ideal logistics, warehousing, light industrial and commercial hub linking the main modes of transportation in and out of Oman.
The new integrated economic city will be the home of Oman's first dry port, besides multi-mix residential units, entertainment facilities, retail outlets, international schools and modern health care centres which will offer all residents a community where they can efficiently conduct business, work, live and play. – TradeArabia News Service
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