Khazaen inks RO17mn deal to set up industrial projects
Khazaen Economic City (KEC), Oman’s first integrated economic city, on Sunday signed an agreement with Sabeen Group for setting up a diverse portfolio of projects in the city.
The agreement, worth RO17mn, is yet another testimony of Khazaen’s position as the preferred investment destination for different types of investors, KEC said in a press statement.
Under the agreement, Khazaen will lease 100,000 sqm of industrial land to Sabeen Group to set up factories for manufacturing of greenhouses materials, smart-home assembly and manufacturing of solar panels, fish food as well as an assembly line for environmentally-friendly electric cars. These projects will not just be a great value addition to those already located in Khazaen Economic City, but will also directly contribute towards economic diversification and creating job opportunities for Omanis.
The agreement was signed by Eng Salim bin Suleiman al Thuhli, CEO of Khazaen and Ibtisam Khamis al Jashmiya, executive partner at Sabeen Group.
Sabeen Group has been active in Oman since 2007 with business interests in marketing, construction, technology and tourism sectors. The group, which also specialises in food security, seeks to build partnerships and joint ventures that give added value to the Omani market and boost national economic growth.
Thuhli said that these strategic projects being implemented in Khazaen are a result of the continued efforts being made to attract more local and international investments to the city. He further noted, “The setting up of these projects in Khazaen underscores the confidence of Omani investors in KEC and its rapid growth capacity, besides worldclass facilities and various attractive incentives it provides to all types of investors.”
Ibtisam said, “Khazaen Economic City is strategically located near the capital, Muscat. The city is known for its high quality and modern infrastructure. We are keen to establish these strategic projects in this promising city to benefit from the wide range of incentives, amenities and not to mention the competitive edge it offers.”
Sabeen Group also plans to build an integrated industrial complex pertaining to businesses in various sectors which will serve the government’s direction to diversify the economy and enhance the contribution to the national GDP.