Construction & Real Estate

Madayn plans to develop world-class business cities by 2040

Oman's Public Establishment for Industrial Estates (Madayn) today (January 26) unveiled its Vision  2040 which aims to create world-class business cities while maintaining the Omani identity to contribute to economic growth. 
The vision revolves around promoting comprehensive and sustainable economic and social development through strengthening public-private partnership, developing and operating business cities with integrated services, and keeping pace with the variables and adopting best solutions and technologies to meet business requirements while conforming to the environmental standards, it stated. 
Speaking at the launch ceremony, Dr Saleh bin Said Masan, the undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, and Chairman of Madayn’s board of directors, said: "Madayn Vision 2040 is a result of efforts that lasted more than a year of analysing the vision, national priorities and strategies of OmanVision2040 in order to build institutional goals that contribute to enhancing the sultanate’s competitiveness."
"We aim through the outputs of Madayn Vision 2040 to enhance the sultanate’s competitiveness in attracting foreign investments, localising domestic investments and enhancing industrial production," stated Masan.
"The vision also focuses on increasing Omani exports, providing job opportunities, and strengthening the components of comprehensive economic and social development in the sultanate’s various governorates," he noted.
Throughout its 2011-2020 plan, Madayn was able to attract and localise investments valued at more than RO3.3 billion, thus achieving over 72% of the target value, said Masan. 
This brings the accumulated investment volume in Madayn’s industrial cities to more than RO 6.8 billion. In terms of the workforce, Madayn has achieved more than 70% of the target as it provided more than 40,000 job opportunities during the ten-year plan, he added. 
Madayn said it continued with its plans to complete the infrastructure and superstructure, as well as development of Samail Industrial City in one phase. The company also worked on developing phase 7 of Suhar Industrial City over an area of 8 million sq m in addition to expansion project of Raysut Industrial City, Phases 1 and 2 of Al Mazunah Free Zone, development works in Al Buraimi, Sur and Nizwa Industrial Cities, and completing the masterplan of Knowledge Oasis Muscat. 
Moreover, Madayn, in partnership with the private sector, has implemented workforce townships in Al Rusayl, Suhar and Raysut Industrial Cities last year in addition to Facility Buildings in Knowledge Oasis Muscat and Suhar Industrial City. 
According to Masan, work is currently under way on developing the facility buildings in Samail and Al Rusayl Industrial Cities, and Al Mazunah Free Zone.
Over the last 10 years, Madayn had achieved constant growth as seen in its indicators in spite of the fluctuations witnessed by the local, regional and global economic arenas and their impact on all sectors. 
"Madayn today represents part of an integrated national economic system that seeks at developing and operating advanced world-class business cities along the lines of the best global models," he added.
CEO Hilal bin Hamad Al Hasani said Madayn Vision 2040 is derived from the national priorities and goals of Oman Vision 2040 for the coming period. 
"It outlines 26 institutional goals and policies, through which we intend to implement 42 programmes and 384 scheduled projects. Under this, we aim to achieve RO15 billion of investment volume, and have set a target to localise 10,000 projects in various fields.-TradeArabia News Service