OQ inks 7 investment agreements to establish industrial projects

Muscat: OQ Group today signed seven investment agreements with local and international companies, securing a total of RO 25.5 million (USD 66.4 million) for industrial projects under the "Ladayn Polymer Park."

This initiative, conducted in collaboration with the Public Establishment for Industrial Estates (Madayn), the National Programme for Investment and Export Development (Nazdaher), and the Ministry of Commerce, Industry, and Investment Promotion, aims to bolster Oman’s economic diversification efforts.

These agreements are part of OQ’s efforts to promote economic diversification, attract investments, maximise the use of natural resources, and empower the private sector in Oman to develop industries that meet local demand while exporting to global markets.

The signing ceremony was attended by Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Authority, alongside other senior officials.

The Ladayn Polymer Park offers an array of incentives, including reduced raw material costs for plastic industries and enhanced facilities in industrial, special, and free zones, localised across various governorates.

Sadiq Hassan Al Lawati, Managing Director at OQ Marketing, signed the agreements on behalf of OQ, committing the group to supply raw materials to the investing companies.

Additionally, Madayn signed three long-term land usufruct agreements, valid for 33 years and renewable, with Multibond Metal LLC, Sidra International Industries Group LLC, and Al Waha Al Wataniyyah for Plastic LLC. These were formalised by Madayn’s CEO Dawood Salim Al Hudaibi.

Sohar Free Zone’s Acting CEO Mohammed Ali Al Shezawi signed agreements with Modim Investment LLC and Ideal Plastic FSZ. Meanwhile, Salalah Free Zone’s CEO Ali Mohammed Tabook signed a land usufruct agreement with Ethiopia’s Ras Biru Trading Company FSZ.

Commenting on the occasion, Sadiq Hassan Al Lawati, Managing Director at OQ Marketing, stated that these agreements reflect OQ’s ongoing efforts to attract investments, strengthen Oman’s industrial sector, achieve self-sufficiency in essential products, and export the surplus to global markets.