OMAN: Raft of New Industrial Sector Investments Incentives Approved
09 April 2021
Oman’s Public Establishment for Industrial Estates (Madayn) has introduced a raft of new incentives designed to boost investment in the sultanate’s industrial sector, while mitigating the economic impact of Covid-19. Initially only applying to the industrial cities of Al Buraimi, Ibri, Al Mudhaibi and Thumrait (all of which are managed and operated by Madayn), the measures could be extended to other similarly administered industrial cities. In terms of likely candidates, Madayn also manages and operates industrial cities in Sur, Suhar, Raysut, Nizwa, Rusayl and Samail, in addition to the Knowledge Oasis Muscat (KOM) and the Al Mazunah Free Zone.
The incentives on offer a include a two-year rental value exemption for all new projects and a 50% discount in rental value for a period of three years for contracts completed in the period 2021-24. In addition, all other fees mentioned in Annex No. (1) of the relevant Investment Regulations will be subject to a 50% reduction, an entitlement that will extend to all new 2021-24 projects. In a further moves, industrial technology activity licence fees are to be be reduced by 50% for a period of two years from 1 January 2021 to 31 December 2022, while fines for payment delays relating to the period 2020-21 are also to be waived.
- Middle East