Eng Khalid bin Abdulaziz al Falih, Investment Minister of Saudi Arabia, accompanied by a delegation, visited the Public Establishment for Industrial Estates – Madayn at its headquarters in the Knowledge Oasis Muscat on Monday.
Welcoming the delegation, H E Dr Saleh bin Said Masan, Undersecretary for Commerce and Industry in the Ministry of Commerce, Industry and Investment Promotion, and chairman of Madayn’s Board of Directors, emphasised on the robust bilateral ties between the sultanate and Saudi Arabia and the significance of economic integration and trade relations.
H E Masan encouraged Saudi investors and businessmen to set up businesses in Ibri Industrial City, which is strategically located on the road leading to the new border between Oman and Saudi Arabia. “Ibri Industrial City will offer significant opportunities to Saudi industries targeting the Omani market and vice versa, and shall feature a variety of industries, most notably the logistics industry,” he said.
Talking about the Madayn, H E Masan said that the cities under its umbrella boast of running 2,200 projects over a total area of 140mn sqm with a workforce of over 62,000.
“The total investment volume has reached RO6.8bn in the various industrial cities where the manufacturing industries represent the majority of the total investments, as they constitute approximately 83 per cent of the total investments.”
Last year’s industrial survey on the existing industries within the industrial cities shows that the value of raw materials used in production exceeded RO1bn and the imported raw materials constituted more than 71 per cent. This shall act as an incentive for the Saudi cluster industries to expand in the sultanate’s industrial cities, Madayn said in a statement.
Moreover, the value of products by factories and projects based in the industrial cities exceeded RO3.7bn during 2020, with exports from these amounting to more than 73 per cent.
The high-profile Saudi delegation also got acquainted with Oman’s first tech park and Madayn’s technology arm – the Knowledge Oasis Muscat (KOM). The KOM is home to over 190 local, regional and global companies, institutions and organisations ranging from flourishing home-grown SMEs and leading higher education providers to thriving businesses capitalising on the KOM’s well-established reputation as a centre of excellence and opportunity.
Eng Falih and the accompanying delegation later visited Areej Vegetable Oils and Derivatives, Oman Fiber Optic, and Oman Cables Industry at Rusayl Industrial City.
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