Madayn announces measures for companies, factories

The measures include extension of allowed period to commence construction works for new investors

Madayn announces measures for companies, factories
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Madayn announces measures for companies, factories

Oman's public establishment for industrial estates, Madayn, has created a series of measures for companies and factories in various industrial cities to combat the threat of COVID-19.

The meeting, which was attended by the board of directors, was held to discuss the impact of the COVID-19 outbreak on the sultanate's industrial sector, Madayn stated in a tweet.

The steps announced are in line with the government's existing measures.

The measures comprise the following: extension of allowed period to commence construction works for new investors from six months, until the end of 2020; suspending financial claims due from companies during Q2 2020, and during March and April; and exemption from late payment penalties; which is estimated at 6% during H1 2020.

The measures also include exemption from financial penalties as of 1 January, 2020; elimination of charges on Masar Service Centre's services, and rescheduling financial dues of companies.

It also included the postponement of fees of activity licenses to H2 2020 and extension of deadlines for companies to commence operations until the end of the year.

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