Omani authorities have announced that much progress has been made on the delivery of the first infrastructure package for Khazaen Economic City, the Sultanate’s newest economic city, which is being developed on an area of land covering 51 million sqm in the Wilayat of Barka.
According to a report by Muscat Daily, the package is expected to be completed by the end of this year.
Furthermore, a number of major agreements for infrastructure services have been signed recently, with Oman Broadband Company and Oman Towers Company set to provide telecommunications and fibre optic infrastructure for the city.
Once completed, Khazaen Economic City will feature several facilities of strategic and national importance, including a dry port, a central vegetables and fruits market, a food city and other investment projects.
The first phase of the project will provide three million sqm of leasable area, the report added.
In order to boost economic activity, authorities from Khazaen Economic City have announced a raft of promotional incentives for local and foreign investors, including exemptions from annual lease for the first year, a 50% waiver on annual lease for the next two years, 50% discount on service charges for a period of two years, and an exemption from registration and the land Krookie fees, stated the report, citing a top official.
“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,” remarked CEO Khalid Al Balushi.
“It also reflects our efforts towards supporting economic diversification initiatives in the sultanate,” he added.
The Economic City CEO pointed out that infrastructure and services were the key important factors taken into consideration by investors while making their investment decisions.
“As 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 a Dry Port, Khazaen will soon be ready to welcome investors to set up their businesses,” he added.