Madayn Oman grants incentives for real estate developers

By Backend Office, Desk Reporter
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    Madayn, Oman’s Public Establishment for Industrial Estates has declared a new package of investment benefits for real estate investors and developers to help them build, operate, manage, sell and lease industrial and commercial buildings and units within the development.

    Madayn had amended provisions of the investment regulations in order to enhance their competitiveness in the investment environment. The amendments include allowing activity licenses for those holding Riyada certificate from the Public Authority for Small and Medium Enterprises Development, as well as decreasing the fees for licensing the activity for small businesses that have not taken Riyada certificate. These also include granting a new development license, development license/sub developer, and development license/operator.

    Hilal bin Hamad Al Hasani, CEO – Madayn

    The decision to amend provisions of the investment regulations offers an added value for the industrial cities and gives an impetus for investors, business owners and SMEs from inside and outside the sultanate to localise their businesses in the industrial cities.”

    “It is in continuity of Madayn’s role to diversify income sources and support the national economy through providing a set of incentives that contributes to the advancement of the business environment in the sultanate,” Al Hasani stated.

    Mr. Al Hasani pointed out that the new incentives clear the way for real estate investors and developers to invest in Madayn’s industrial cities and allow them to build, operate, manage, sell and lease industrial and commercial buildings and units.

    “These include allowing investors to rent buildings and facilities that are built on the leased lands, Also the investors may involve new partners in the lease contract with Madayn, provided that the activity of the new partner complements the activity of the current investor,” remarked Mr. Al Hasani.

    Moreover, Madayn said its board of directors has awarded the authority to decrease the fees at a rate not exceeding 50% and a period not surpassing five years for fees of licensing and the services offered by Madayn, and the rents of lands and facilities in the new industrial cities or those industrial cities that require exceptional incentives and advantages.

    The package also includes a reduction of up to 70% in the fees for licensing the activity in the industrial cities, Mr. Al Hasani added.

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