São Paulo – Oman is awarding a lineup of industry and technology incentives to improve the investment climate. The subsidies were approved by the board of directors of the Public Establishment for Industrial Estates (Madayn), which manages nine industrial cities across the country, plus the Knowledge Oasis Muscat (KOM) and the Al Mazunah Free Zone. Pictured above is an area run by Madayn.
The state-run Oman News Agency, reported this Wednesday (17) that the investments will go into several industrial cities in 2021, in line with efforts to mitigate the economic impact of the Covid-19 pandemic and of the global oil price slump.
So far, incentives have been announced to industrial cities in Al Buraimi, Ibri, Al Mudhaibi and Thumrait, including two-year rental exemption for all new projects, after which rental will be slashed by 50% for contracts concluded between 2021 and 2024, plus reduction of other fees.
Information technology activity licensing fees will also be down 50% from January 1, 2021 to December 31, 2022. This will apply to existing as well as new projects at the KOM tech park. Delayed payments for 2020 and 2021 will not be met with fines.
Madayn CEO Hilal Hamad al-Hasani emphasized that these measures are in line with recent incentives under the Economic Stimulus Plan (ESP) endorsed by Oman’s Council of Ministers to support economic recovery and boost economic performance.
Al-Hasani also said the incentives from Madayn should improve the country’s position as a leading regional center of manufacturing, innovation and entrepreneurship excellence, and its mission in attracting industrial investments.
Translated by Gabriel Pomerancblum
