Khazaen Economic City has signed a landmark agreement with KV Group International to set up a polyethylene packaging factory and a commercial facility in the city.
KV Group International will invest RO7mn to build a state-of-the-art polythene packaging plant in the industrial zone on a total land area of 40,000sqm and also to construct the first hypermarket in the city, spread over 5,500sqm in the commercial block. The hypermarket will cater to the Khazaen community as well as early commercial tenants.
In a press statement, Khalid al Balushi, CEO of Khazaen Economic City, said, “Khazaen continues to grow with the arrival of more investors thus reiterating its status as the most promising economic hub. Khazaen is gaining in position as an emerging and preferred location for the establishment of different types of businesses due to its strategic location. We have an excellent pipeline of investors who are eager to lease out different types of plots at the city. We are looking forward for a positive 2021 despite the continuous impact of the COVID-19 pandemic on the global economy.”
During 2020, Khazaen announced growth-oriented incentive packages for local and foreign investors to support government initiatives aimed at diversifying and stimulating the national economy.
“Being one of its kind, Packovic targets to meet Oman’s industrial packaging requirements as a major part which is currently being internationally sourced. The factory will have best-in-class European plant and machinery, superior grade raw materials, sound technical know-how of the process, products and markets, thus giving it an edge over its competition,” said Abdul Vahid, managing director of KV Group.
“Packovic – the brand name of the polyethylene packaging factory products – is part of the KV Group’s vision 2025 to have sourcing hubs and packing houses in different countries to achieve its ‘Farm to Fork’ philosophy, thus contributing towards Oman’s food sustainability by mobilising significant new capital to fund its expansion,” Abdul Latheef, director of KV Group, said.