Wednesday 21 October 2020

Oman readies infrastructure package for newest economic city

MUSCAT, May 14, 2020

Oman authorities said much progress has been made on the delivery of the first infrastructure package for Khazaen Economic City, the sultanate's newest economic city being developed on an area of 51 million sq m in the Wilayat of Barka. 
This package is expected to be completed by the end of this year.
A number of major agreements for infrastructure services were signed recently with Oman Broadband Company and Oman Towers Company to provide a robust telecommunications and fibre optic infrastructure for the city, reported Muscat Daily..
On completion, it will boast several facilities of strategic and national importance such as a dry port, a central vegetables and fruits market, a food city and other investment projects.
The first phase of the project will provide 3 million sq m of leasable area, it stated
To boost the economic activity, Khazaen Economic City authorities have announced a set of promotional incentives for local and foreign investors. 
The incentives package includes exemption from annual lease for the first year, 50 per cent waiver on annual lease for the next two years, 50 per cent discount on service charges for a period of two years, and an exemption from registration and the land Krookie fees, stated the report, citing a top official. 
"We are proud of the continuous progress being made in implementing the infrastructure works for the city. The advancements made reflect our commitment to build a modern and integrated economic city that meets the needs of various investors," remarked CEO Khalid Al Balushi.
"It also reflects our efforts towards supporting economic diversification initiatives in the sultanate," he added. 
The Economic City CEO pointed out that infrastructure and services were the key important factors taken into consideration by investors while making their investment decisions.
"As a result of the rapid progress in construction work for the first package and the initiation of key national projects in the city, such as a Dry Port, Khazaen will soon be ready to welcome investors to set up their businesses," he added.


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