Muscat: May 4, 2020
Al Balushi: The new incentives package comes at the right time while we progress very well with the infrastructure work for phase 1 which will be completed before the end of this year.
Incentives include discounted lease, rent-free period, discounted service fees, exemption from registration and krookie fees until the end of this year.
Khazean Economic City (Khazaen), the newest economic city in the Sultanate, which is being developed on an area of 51 million sqm in the Wilayat of Barka in South Al Batinah Governorate, has announced a set of promotional incentives for local and foreign investors. This offer comes in parallel with the progress achieved to deliver the first infrastructure package which is planned to be completed before the end of this year.
These incentives and waivers also reflect the efforts exerted by Khazaen to support various government initiatives to diversify and stimulate the national economy. And also to further attract more companies to invest in the newest fully integrated economic city, a press release stated.
The incentive package comes in addition to the recent milestone achieved by Khazaen in attracting several local and foreign investors. Khazaen has recently signed a number of key agreements for infrastructure services with Oman Broadband Company and Oman Towers Company to provide a robust telecommunications and fiber optic infrastructure for the city.
The incentives package announced by Khazaen includes exemption from annual lease for the first year, 50% waiver on annual lease for the second and third years, 50% discount on service charges for a period of two years, and an exemption from registration and the land Krookie fees. Investors and companies interested in investing in Khazaen have the opportunity to avail these benefits until the end of 2020.
“We are proud of the continuous progress being made in implementing the infrastructure works for the city. The advancements made reflect our commitment to build a modern and integrated economic city that meets the needs of various investors. It also reflects our efforts towards supporting economic diversification initiatives in the Sultanate,” said Khalid Al Balushi, CEO, Khazaen Economic City.
“Today, we are pleased to launch our first promotional package for the City, which includes a bundle of incentives for domestic and foreign investors. These incentives are in line with the government’s efforts to stimulate the national economy and boost the inward investments,” he added.
“Infrastructure and services are the key important factors taken into consideration by investors while making their investment decisions. A result of the rapid progress in construction work for the first package and the initiation of key national projects in the city such as the Dry Port, Khazaen will soon be ready to welcome investors to setup their businesses. The incentives we announce today are the first part of our marketing efforts to introduce the City to a wider group of local and foreign investors,” he emphasized.
Apart from playing a vital role in attracting more investments to the City, these incentives and exemption will contribute to reduce the initial costs for investors and their operating costs. Investors in Khazaen will benefit from multiple advantages provided by the new city such as the strategic location, direct connection to Oman’s superior road network and proximity to sea and air ports in the Sultanate and especially the close proximity to the new Al Suwaiq port in North Al Batinah.
The first phase of the project will provide 3 million SQM of leasable areas. The City will host major projects of strategic and national importance such as the dry port, the central vegetables and fruits market, the food city and other investment projects that will be offered to investors soon. These projects are in line with the government’s initiatives to diversify Oman’s economy and create job opportunities for Omanis.