Oman's Madayn inks land usufruct deals with key investors
CONSTRUCTION NEWS
Oman's Public Establishment for Industrial Estates (Madayn) has announced that it has signed seven land usufruct agreements with key investors including Gemini Corporation, MAK, Napco National and Jcoplastic Middle East for a duration of extendable 33 years.
The programme collaborates with Oman-based integrated energy group OQ and the Public Authority for Special Economic Zones and Free Zones (OPAZ), as well as the industrial areas, to strategically target and attract investors through a comprehensive marketing plan encompassing multiple countries.
This synergistic collaboration has led to the formation of a joint task force among the three entities, which has notably succeeded in drawing a number of committed investors, as demonstrated by the signing of these agreements today, it stated.
Madayn CEO Dawood bin Salim Al Hadabi signed the agreements with Omar Mahmood Al Mahrizi, CEO of Sohar Free Zone, and other key investors.
Speaking on the occasion, Hilal bin Ali Al Kharusi, the Chief Executive Commercial & Downstream at OQ, said: "These agreements reflect OQ's commitment to enhancing the sultanate's position in the development of the manufacturing industries, supporting small and medium enterprises (SMEs), particularly those involved in the industrial sector, to establish national industries in various fields."
"This effort aims to achieve self-sufficiency in products and position the Sultanate as a major exporter of these products," he noted.
"In addition to supporting the manufacturing industries that will be established in the Ladayn Polymer Park, OQ will purchase manufactured products such as plastic pallets and packing bags for polymer granules from them," he stated.
"OQ is also committed to supporting plastic recycling plants, utilising the latest technologies that contribute to reducing negative use and environmental impact," he added.
Al Hadabi said: "The Lidayn Polymer Park in Suhar Industrial City is a pivotal project designed to maximise in-country value by localising specialised plastic industries and leveraging advanced technology, offering enticing opportunities for investors."
Khalid bin Said Al Shuaib, Head of the National Programme for Investment and Exports Development (Nazdaher), discussed the program's role in this important project, which supports the manufacturing sector in the downstream petrochemical
"We are delighted to collaborate with OQ in our mission to enhance the resilience of the local supply chain through innovative 3D manufacturing," said Ghada Al Yusuf, Founder and CEO of Jil Technology.
"Jil Technology is dedicated to enabling Oman Vision 2040 for a robust plastic sector, and our strategic placement within Oman's plastic complex demonstrates our commitment to this goal," he noted.
Sorindra Batowarin, Chairman of Gemini Corporation, said: "We are pleased to sign an agreement with OQ that will contribute to providing raw materials for plastic-based industries in the Liwa Plastics Industries Complex. We chose Oman as our gateway to this promising future. The sultanate's commitment to sustainable transformation and business-friendly policies aligns with our goals."
:"Our work goes beyond recycling plastic materials; it's our passion. Gemini Corporation provides international expertise and a steady supply of recycled materials to facilitate the adoption of circular economy principles for current and future companies aspiring to invest in Ladayn Polymer Park," he added.
Mohammed Al Loughani, the CEO of Madayn Plastic, said their agreement with OQ was influenced by the support and concessions offered by OQ in lowering the cost of raw materials, crucial for the industrial facility they plan to establish in the Ladayn Polymer Park.
"We are extremely delighted to invest in the Ladayn Polymer Park, viewing it as a leading destination for investors in the plastic industry," he added.
Zain Mohammad Riyad, Managing Director of Mohammad Riaz Sons Plastic Company, said it aims to combine OQ's material expertise with European technology, to establish Oman's future in sustainable food packaging.
He underscored their commitment to environmental responsibility and transforming plastic into sustainable solutions as part of Oman Vision 2040.
Antonio Foresti, CEO of the regional unit of Italy-based Jcoplastic, a global leader in the production of plastic containers and pallets, expressed delight at its investment in the Ladayn Polymer Park.
"We are pleased with the assistance provided by the OQ group in lowering raw material costs and acquiring products, which builds a solid platform for the expansion of our investments and the introduction of our latest initiatives in Oman through Jcoplastic Middle East," noted Foresti.
"This factory marks the start of our industrial operations in the Middle East, creating durable goods using injection moulding technology. We strive to reach the highest quality standards and provide the most environmentally friendly products in the market," he added.
Omar Al Siyabi, the CEO of National Plastic Lumber Company, said with this Madayn deal, it will focus on manufacturing diverse products from Wood Plastic Composite (WPC), an ideal alternative to regular wood.
"The factory aims to partner with local companies, including OQ’s Liwa Plastic Industries Complex, and use innovative technology to produce an innovative material for use in construction, particularly finishing, furniture and doors among other applications," he added.
"Napco National has entered into an agreement with OQ and Madayn to produce state-of-the-art plastic packaging films. The new plant is ideally located in the supply chain ecosystem of Ladayn Polymer Park and supports the promising Oman Vision 2040 to create a competitive and diversified economy," said Issam Chaaya, Vice President for Chemicals & Petrochemicals at Napco National.
"As the largest supplier of petrochemical packaging in the world, we will put our 70-year manufacturing experience at the service of the growing petrochemical industry, train the local workforce on best production practices and contribute positively on the Oman Trade balance while driving strong returns for the shareholders,'' noted Chaaya.
MAK Executive Director Mohammad Amiri said: "With three decades of experience in the European market, MAK is strategically investing in the field of chemical industries in the Sohar Free Zone. Initially, we will establish a pioneering state-of-the-art polymer plant specialised in engineered polymers, thermoplastic elastomers (TPE), pigments and specialty compounds."
"This reflects our company's long-term planning and is in collaboration with OQ Group to achieve sustainability and development, leveraging German expertise in state-of-the-art equipment," he added.-TradeArabia News Service
