A RO500mn consortium of international and local firms will start functioning in early 2015 and look to invest in various industrial estates in the sultanate, according to the Public Establishment for Industrial Estates (PEIE).
Delivering the opening speech at a business opportunities seminar organised by PEIE on Wednesday, Hilal al Hasani, CEO of PEIE, said that the consortium will function under the management of Shumookh Investment and Services SAOC, the investment arm of PEIE.
Hasani said, “This consortium will look to invest in infrastructure and superstructure development, public utilities, service centres, and integrated commercial and residential cities in the various industrial estates. This consortium will start functioning in early 2015, which will reflect positively on the provision of employment opportunities and increase of investment size.”
The PEIE seminar offered a platform for investors to gather under one roof to network and discuss available business opportunities.
With government support PEIE runs eight industrial estates namely Rusayl, Sohar, Buraimi, Raysut, Sur, Nizwa, Sumail and Ibri Logistics Estate, in addition to Knowledge Oasis Muscat and Al Mazunah Free Zone; with a total area exceeding 90mn sq m of land.
“These estates embrace more than 1,400 projects, including 800 productive projects. While 200 are under construction, the rest are at different stages of incorporation. Furthermore, local and foreign investment has crossed RO5bn,” Hasani said.
He added, “As a result of effective policies, programmes and planning, the outcomes of our efforts were not affected by the regional and global crises during the last five years which had economic impacts on various sectors. On the contrary, during the period from 2008 to 2013, PEIE witnessed a rapid growth in its achievements. The growth rate of the annual investment volume touched 15 per cent, the number of projects tripled and employment opportunities grew at an annual rate exceeding 20 per cent.”
Hasani emphasised that in order to ensure the continuity of growth and advance the competitiveness locally, regionally and globally, PEIE has moved to advanced levels of master planning the industrial estates, either for the existing estates or new ones.© Copyright - Muscat Daily