Oman's Madayn lures Indian companies as investments top $17bn

Government body seeks Indian investors, already among the top three nationalities spending at Madayn's industrial cities in Oman

Oman's Rusayl Industrial Estate.
Madayn
Oman's Rusayl Industrial Estate.

Oman’s Public Establishment for Industrial Estates (Madayn) organised the Oman-India Investment Meet event on 29 September 2019 at Crowne Plaza Muscat under the auspices of HE Yahya bin Said Al Jabri, Chairman of the Special Economic Zone Authority at Duqm (Sezad) and Chairman of Ithraa, inviting 35 Indian businessmen to invest in projects by Oman’s Rusayl Industrial Estate Authority, Shumookh Investment and Services, and Sezad, among others.

Speaking at the event, chief executive officer of Madayn, Hilal bin Hamad Al Hasani, revealed that Indians were among the top three nationalities investing in Madayn’s industrial cities across Oman.

Madayn manages and operates seven industrial cities in addition to an ICT park and a free zone spread in Oman. More than 2,200 projects are under way across Madayn’s industrial hubs, with 60,000 jobs created through investments valued at $17bn (OMR6.5bn) by the end of 2018.

Al Hasani added: “Oman and India enjoy long-term official, friendly, historical, cultural, and economic relations. The industrial scene in Oman is seeing a dynamic investment activity from the Indian investors.

“With the aim of boosting Oman-Indian investment ties, Madayn has set up a representative office in India to promote Oman and Madayn as an attractive destination for investments.

“Work is under way to launch two new industrial cities in the country. The two cities will be the first to be fully developed and managed by the private sector through developers with international expertise in this field.”

Director general for investment and export at Ithraa, Nasima Al Balushi, said Oman’s exports to India had “more than doubled over the last four years”, adding that Omani companies would continue to invest in industries such as food processing, energy, infrastructure, tourism, fisheries, mining, and manufacturing in India.

Al Balushi continued: “The appetite to explore India is there. The number of Omani companies participating on recent trade missions to India is testament to that and we certainly have the business experience and expertise to contribute to India’s continued economic success.”

Acting CEO of Oman Investment and Development Holding Company (Mubadrah), Mustafa Al Lawati, said in a statement that Madayn had introduced Mubadrah – formed to improve the operations, competitiveness, and infrastructure of Madayn’s industrial cities – as a way to strengthen public-private partnerships (PPP) in the sultanate.  

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