Madayn unit signs $120mn agreement with Sadeen Group

Muscat - 

Shumookh Investment and Services Company, the investment arm of the Public Establishment for Industrial Estates (Madayn), signed an agreement with Sadeen Group to implement a number of development projects in the industrial cities of Madayn with an estimated value of US$120mn.

The agreement was signed by Hilal bin Hamad al Hasani, chairman of Shumookh Investment and Services, and Eng Hani Salah, chairman of Sadeen Group.

As per the agreement, Sadeen Group will finance Shumookh Investment and Services to implement a range of major projects in Rusayl and Samail Industrial Cities, and the Knowledge Oasis Muscat.

Commenting on the agreement, Eng Musallam al Hudaifi, chief executive officer of Shumookh Investment and Services, said that this agreement comes to meet the development requirements of the industrial cities that pertain to Madayn and provide all necessary services for investors.

The agreement, which comprises engineering, construction and financing, aims at providing comprehensive services such as offices and housing. The projects will be implemented over the next three years with building areas exceeding 164,000sq m.

Madayn had established Shumookh Investment and Services in 2010 to develop infrastructure projects and encourage investments in Madayn’s industrial cities. The vision of Shumookh is to develop globally competitive industrial infrastructure in the industrial cities of Madayn and create the best environment for the growth of industries in Oman through the attraction of strategic partnerships to invest and implementation of diverse infrastructure development projects in the industrial cities pertaining to Madayn.

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