Madayn announces measures for companies, factories
The measures include extension of allowed period to commence construction works for new investors
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.
#Madayn Board of Directors held an emergency meeting today to discuss the impact of the #coronavirus (COVID-19) outbreak on the Sultanate’s industrial sector. Madayn announces a series of additional measures for the companies and factories in the various industrial cities. pic.twitter.com/RajPGWZosV— مدائن (@MadaynOman) March 19, 2020
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.