Monday, September 27
11:35 AM

Khazaen signs three investment pacts with local companies

14 Dec 2020

Khazaen, the newest economic city in Oman has been consistently gaining momentum over the past few months. Three new agreements have been recently signed by Khazaen that reiterate the economic city’s growing preference among local and foreign investors, according to a press release. 

The first agreement was signed with Al Wajen United Projects to build a factory for manufacturing of lights and electrical fittings. The second agreement was signed with Digital Energy Management to build factory for the assembly of switchgears, meters and electrical distribution boards while the third agreement was signed with Al Samsman Trading for constructing a factory for camping and outdoor specialized equipment. 

The agreements were signed by Khalid al Balushi, CEO of Khazaen Economic City and CEOs of the companies.

“Khazaen Economic City witnessed a growing interest from companies and investors to relocate or establish their projects in the city which reiterates the confidence of local and foreign investors in Khazaen as an ideal destination, particularly after the recent completion of the phase one of infrastructure works,” said Balushi.

Ibrahim al Kindi, CEO of Al Wajen United Projects, said, “We are confident that we took the right decision to invest in Khazaen Economic City to build a light and electrical fittings factory, thanks to the unique advantages and offerings of the City as well as the incentives provided to us that include waiver of rent charges for certain periods enabling us to focus on the core establishment activities”. 

AdnanAzam, CEO of Digital Energy Management, said, “We aim through our investment at Khazaen Economic City to expand our businesses in the sultanate and address new markets. We are fully convinced about our decision to invest in Khazaen due to the availability of required spaces, ready infrastructure and the city’s expected growth in the future”. 

Sameer al Zadjaly, CEO of Al Samsman Trading, said, “We are proud to sign this agreement to build a camping and outdoor specialised equipment factory at Khazaen Economic City, the future business hub of the sultanate. The city offers ideal location, unparalleled connectivity to main roads in addition to a wide range of incentives for local and foreign investors making it the ideal investment destination in the sultanate and the wider region. 

Khazaen is the largest public-private partnership (PPP) project in Oman being developed in Barka. Khazaen enjoys a strategic location; close to the capital city of Muscat.

© 2021 Apex Press and Publishing. All Rights Reserved.