The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) signed on Tuesday an agreement with the Public Establishment for Industrial Estates (Madayn) with the objective of presenting a framework for cooperation to facilitate investment related procedures, licenses and approvals for the investors and business owners through Madayn’sMasar Service Centres in the various industrial cities.
The agreement was signed by H E Dr Saleh bin Said Masan, Undersecretary of MoCIIP for commerce and industry, and Hilal bin Hamad al Hasani, CEO of Madayn. The signing ceremony was attended by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion.
In a press release, Ibtisambint Ahmed al Farooji, director general of investor services at Madayn, said the agreement between MoCIIP and Madaynwill help attract and localise investments, simplify investment procedures and strengthen cooperation in common competences.
“In this regard, Madayn established Masar Service Centre to deliver a variety of services in a fast and effective manner to achieve an attractive investment environment for local and foreign investors. With this in mind, efforts are being made to offer comprehensive services within Madayn’s industrial cities including road, electricity, water and sewage networks,” Farooji said.
Farooji elaborated that, as per the agreement, all investment related services offered by MoCIIPwill be provided through Masar Service Centres in Madayn’s various industrial cities. “This agreement is fundamental to achieve the objectives of Masar Service Centre as it presents a platform that brings together several government bodies to facilitate procedures for the investors to obtain required approvals, permits and licenses for their projects under one roof and within a specific timeframe.”
Masar aims at enhancing a flexible and transparent dealings between the business community and the government, and providing a reliable and secure environment for the companies to conduct day-to-day transactions with the concerned bodies.