In the first half of 2024, the industrial cities under the Public Establishment for Industrial Estates (Madayn) in Oman experienced significant growth in their digital indicators, in terms of investment volume and number of applications. Eng. Dawood bin Salem Al Haddabi, the CEO of Madayn, reported a 30 percent increase in investment applications, reaching 184 compared to 141 during the same period in 2023. The total volume of investments in all Madayn-affiliated cities reached OMR7.6 billion, a 2.3 percent growth from OMR7.4 billion in 2023, with an added industrial investment of OMR151 million and non-industrial investment of OMR62 million. Sohar Industrial City saw the highest increase in total investment volume, with an additional OMR53 million in investments.
The number of investment contracts in industrial cities under Madayn reached 2,310 by the end of the first half of 2024, marking a 0.65 percent increase compared to 2023. These contracts were distributed among various fields, with 70 percent in industrial investments, 12.6 percent in commercial investments, 7.3 percent in service investments, 4.8 percent in technical investments, and 5.3 percent in other fields. The number of workers in local investments also saw a rise, reaching around 55,000 workers by mid-2024 compared to 50,000 workers by the end of 2022, an increase of 10 percent. The Omanisation rate stood at 38 percent, with the majority of the workforce (81 percent) concentrated in the industrial sector.
Another notable increase was seen in the index of leased areas in industrial cities, rising by 0.30 percent. The total leased areas in localised investments reached 33.7 million square metres by the end of the first half of 2024, compared to 33.6 million square metres previously, with an occupancy rate of 35 percent. The institution issued 297 permits for service providers and 889 activity licences during this period. Overall, these indicators reflect the positive growth and development taking place in the industrial cities affiliated with Madayn, showcasing the steady rise in investments and economic activities in the region.
The growth in investment applications and volume in Madayn’s industrial cities highlights the increasing interest and confidence of investors in the region’s potential for economic development and growth. The rise in both industrial and non-industrial investments signifies a diversification of sectors and opportunities within the industrial cities, contributing to overall economic expansion and job creation. The notable increase in investment contracts and workforce numbers further demonstrates the positive impact of these investments on employment and economic stability in the region.
The distribution of investment contracts across various fields reflects a balanced approach towards development and growth, ensuring a well-rounded expansion of economic activities in the industrial cities. The concentration of the workforce in the industrial sector aligns with the region’s focus on manufacturing and industrial activities as key drivers of growth. The increase in leased areas and issuance of permits for service providers indicate a thriving business environment and growing demand for commercial and service-related activities within the industrial cities.
Overall, the digital indicators in Madayn’s industrial cities paint a picture of a vibrant and expanding economic landscape, with increasing investments, employment opportunities, and business activities driving growth and development. The steady rise in investment volume, worker numbers, and leased areas signify a positive trajectory for the region, positioning it as a key player in Oman’s industrial and economic scene. As these trends continue, the industrial cities under Madayn are poised for further growth and success in the coming years, attracting more investments and businesses to contribute to the region’s ongoing prosperity and development.
