Omani-Saudi joint venture to set up seven factories in Khazaen

Three new tenancy agreements signed

  
Construction equipment in construction new warehouse background. Image used for illustrative purpose.

Construction equipment in construction new warehouse background. Image used for illustrative purpose.

Getty Images/ Chaiyaporn Baokaew

MUSCAT, NOV 23 – Khazaen Economic City has announced the signing of three new tenancy agreements valued at nearly RO 3 million. These agreements were signed recently with United Vision for Investment and Development and Al Maha Food Industries LLC, an Omani-Saudi joint venture to establish several manufacturing units in the economic city. Under the three agreements, Khazaen will lease about 27,000 m2 to United Vision for Investment and Development, and to Al Maha Food Industries LLC, to build seven manufacturing units for bottling drinking water, ice production, manufacturing of water bottles, sweets factory, production of tomato ketchup, baby related products in addition to a factory for plastic related products.

The agreements were signed by Khalid Awadh al Balushi, CEO of Khazaen Economic City; Khalifa al Kindi, CEO of United Vision for Investment and Development, and a representative from Al Maha Food Industries LLC. Khazaen Economic City has recently completed the first phase of its infrastructure works, laying the ground for more companies to access its modern facilities. The latest joint venture underlines the City’s strengths in terms of incentives, location, convenience and value on investment. “The signing of these agreements constitutes a strong addition to the projects already at Khazaen. It also affirms the confidence of local and foreign investors in Khazaen as an ideal and new destination for various businesses. It also reflects the efforts made by Khazaen to attract more investments, especially after the recent completion of the first phase of the infrastructure works,” commented Al Balushi, CEO of Khazaen Economic City.

“Diverse projects such as these manufacturing units are very important to bring foreign investment to the Sultanate, but also contribute towards creating more job opportunities for the local Omani youth and supporting the government’s economic diversification plans,’’ he added. Khalifa al Kindi, CEO of United Vision for Investment and Development, said, ‘’Khazaen Economic City is a unique destination for us as investors due to key advantages it provides such as its strategic location and proximity to the main road networks, sea ports and various land ports.”

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