Madayn inks agreement with Shumookh to construct $9mn facility building in Al Mazunah Free Zone
The Public Establishment for Industrial Estates- Madayn has signed an agreement with Shumookh Investment and Services to establish Facility Building at Al Mazunah Free Zone. The project will be built on an area exceeding 11,000 square meters at a total cost touching RO 3.5 million ($9mn). The agreement was signed by Said bin Abdullah Al Balushi, Director General of Al Mazunah Free Zone, and Eng. Musallam bin Juma’a Al Hudaifi, Chief Executive Officer of Shumookh Investment and Services.
The project aims to present integrated services and facilities required by investors, business owners and clients under one platform in order to facilitate procedures and accelerate the pace of business. The facility building will be implemented in two phases, as phase one will comprise four floors while phase two will add two more floors as per the requirements of the market at that particular time. The project, which will be constructed at a strategic, visible and easy-to-reach location, will include a mixed-use space, Masar Service Centre, restaurants, office space for import and export services, and an area for investments. As per the time frame, the project is expected to be completed during the first quarter of 2021.
The Facility Building project represents a continuation of the efforts undertaken by Madayn to boost the investment movement and achieve an added value at Al Mazunah Free Zone, and consequently contribute in diversifying income sources and advancing the national economy. In addition to this project, Madayn is currently implementing a number of projects in the free zone, which include development of phase one (second package) of the free zone, project of transmitting electricity to the companies (cables and transformers), broadband project, electronic surveillance systems (cameras and tracking systems), and cargo gates’ management through a system that controls and manages the entry/exit of vehicles to/from the free zone.
It should be noted that general incentives are offered to investors in Al Mazunah Free Zone, including customs’ exemptions, 100 per cent foreign ownership, no minimum capital requirements, and Omanisation rate stands at 10 per cent. Other incentives include easy access of individuals and investors to the free zone without entry visas being required for Yemenis, facilitation of employing Yemeni workforce without work visa being required, in addition to other incentives.