MUSCAT: The Public Establishment for Industrial Estates ‘Madayn’ and OQ signed a memorandum of understanding on Monday, May 30 to establish a complex for plastic industries in Sohar Industrial City.
The MoU was signed with the support of the Follow-up Unit for the Implementation of Oman Vision 2040 and the Ministry of Commerce, Industry and Investment Promotion as part of efforts to achieve the objectives of the vision.
According to the memorandum, Madayn will provide a land area of one million square meters, incentives to encourage the private sector to invest in this sector, a grace period for two years, and a 50 percent reduction in the annual rent value for the next three years. OQ will be providing the basic raw materials at competitive prices within the complex.
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Hilal bin Ali Al Kharusi, CEO of the Commercial, Refineries and Petrochemicals Sector at OQ, said, “The investment in the plastics complex project over the next five years is expected to reach OMR 150 million and provide the equivalent of 2,500 direct jobs.”
