Oman’s OQ and Multibond Metal have signed a strategic partnership to establish a manufacturing facility in Ladayn Polymer Park. This $23 million project is the first of its kind in the Middle East and will focus on producing advanced polymer solutions for heat resistance and surface protection. The partnership is in line with OQ’s commitment to develop polymer-based industries, attract foreign investment to Oman, and enrich the nation’s industrial sector with products that promote self-sufficiency and export opportunities.
The agreement was signed at Chinaplas 2024 in the presence of Oman’s ambassador to China and OQ’s Chief Executive for Commercial and Downstream. Multibond Metal’s investment will mark a historic moment in Oman’s industrial journey, positioning the company as the first in the nation and the Middle East to produce innovative products such as plastic fire-resistant polymer and hot melt polymer compounds. The new facility will cover the entire spectrum from raw materials to finished products, showcasing the park’s dedication to excellence and innovation.
Ladayn Polymer Park spans over a million square meters and aims to attract investment across various sectors including construction, healthcare, and packaging. Since its inception, the park has been successful in attracting investment, with a total of nine projects worth USD 88 million signed in 2023 and an additional USD 23 million investment in Q1 2024, bringing the total investment to USD 111 million. The park offers competitive rates for land, power, and utilities, along with attractive tax, finance, and insurance facilitation to create a conducive environment for investors.
The park also provides up to 10 years of residency, access to raw materials with rebates ranging from 3% to 5.5%, and the advantage of Oman’s Free Trade Agreements with key markets worldwide, making it an attractive location for investment opportunities. With a vision to advance diversity and innovation, Ladayn Polymer Park stands as a beacon of innovation and opportunity, poised to serve as a premier hub for the polymer industry in Oman. The park’s commitment to fostering a thriving manufacturing ecosystem is evident in its dedication to attracting investments and facilitating opportunities for investors.
Overall, the partnership between OQ and Multibond Metal represents a significant step towards achieving Oman Vision 2040 and promoting Oman’s industrial sector through the development of polymer-based industries. The establishment of the manufacturing facility at Ladayn Polymer Park underscores Oman’s commitment to fostering innovation and attracting foreign investments, while providing a conducive environment for investors to flourish and contribute to the nation’s growing industrial landscape.
