The Public Establishment for Industrial Estates (Madayn) is planning to invest around RO50mn in next three-four years for the expansion of Rusayl Industrial City.

Speaking to media-persons on the sidelines of the Arab Investment Forum and Exhibition, which kicked-off on Monday, Hilal bin Hamad al Hasani, chief executive officer of Madayn said, “We are injecting around RO35mn to expand the Rusayl industrial area. This money would be primarily spent on expanding the infrastructure.”

He said that the Rusayl Industrial City, which came into existence over 30 years ago, would also require some restructuring and redesigning. “So the overall total investment, which Madayn would be pumping in the next three-to-four years would be around RO50mn.”

Hasani revealed that the operations of Rusayl Industrial City has already been handed over to their holding company ‘Mubadrah’ or Oman Investment and Development Holding Co.

“It (Rusayl Industrial City) has already been privatised. Now it is a matter of time when up to 49 per cent of share in the project will be handed over to a private sector firm. The remaining 51 per cent share will remain with Mubadrah,” he said, while adding that in future, the shareholders may consider listing the industrial city on the Muscat Securities Market.

Madayn was among one of the sponsors of the Arab Investment Forum and Exhibition which began on Monday at the Oman Convention & Exhibition Centre, under the patronage of H E Yahya bin Said al Jabri, chairman of the Special Economic Zone Authority of Duqm (SEZAD) and chairman of the board of directors of Ithraa.

Organised by Madayn, in cooperation with Abu El Saud Global Business, the Arab Investment Forum was attended by business owners from the sultanate, the GCC and Arab countries, and Asian and European countries.

Speaking at the inauguration of the event, Hasani said Oman has emerged as one of the major investment destinations in various sectors in recent years. “This is a result of the efforts undertaken by the public and private sectors as the sultanate has witnessed significant development in transport and logistics fields, thanks to the ports, airports and roads that have been implemented in accordance to the international standards. In addition, Oman today has a number of major economic zones, which include Duqm Special Economic Zone, Sohar Port and Freezone and Salalah Free Zone,” he said.

Hasani said that Madayn is currently managing and operating seven industrial cities throughout the sultanate, in addition to the IT park known as Knowledge Oasis Muscat and Al Mazunah Free Zone. “Therefore, there are a variety of attractive investment opportunities in Oman for the local and foreign investors, especially that the sultanate enjoys great economic and commercial ties with a number of economic blocs,” he pointed out.

 

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