Oman to attract FDI by offering incentives to industries

The Board of Directors of the Public Establishment for Industrial Estates (Madayn) has approved during its second meeting for 2021 a lineup of incentives to support and boost the investment climate in Madayn’s various industrial cities. This comes in line with the efforts made to mitigate the economic consequences resulting from COVID-19 pandemic and the global slump of oil prices.

Oman to attract FDI by offering incentives to industries

To enhance investment opportunities in Al Buraimi, Ibri, Al Mudhaibi and Thumrait Industrial Cities and any industrial city to be announced later, the announced incentives for these industrial cities include exemption from rental value for a period of two years for all new projects, followed by a reduction in the rental value for a period of three years by 50 per cent for contracts concluded during the period from 2021 to 2024, in addition to reducing all other fees listed in Annex no. (1) of the Investment Regulations by 50 per cent for all new projects during the period from 2021 to 2024.

The incentives also include reducing fees for IT activity license by 50 per cent for a period of two years during the period from 1 January 2021 to 31 December 2022 for the existing and new projects in the Knowledge Oasis Muscat (KOM); in addition to not imposing fines for the delay in payments for the years 2020 and 2021. 
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