Food investments sector in Madayn exceed RO 164 million

MUSCAT: Investment in Oman's food industries sector continues to grow, with the Public Establishment for Industrial Estates (Madayn) announcing a total investment volume exceeding RO 164 million across 98 projects.
These ventures span more than 1.5 million square metres and provide employment for over 3,600 people across Madayn's various industrial cities.
Khalid bin Sulaiman al Salhi, Director General of Marketing and Commercial Affairs at Madayn, revealed that 13 new food industry projects have been localised in the first five months of 2025, drawing in over RO 14 million in investment. These projects, covering 224,000 square metres, include production facilities for vegetable oils, flour, tuna, bottled water, food packaging, and logistics.
Al Salhi confirmed that more projects are in the pipeline, with several contracts currently under review. Madayn has also designated specific zones for food industries in all its cities, including newly developed areas in Al Mudhaibi, Thumrait, and Suwaiq.
One of the flagship initiatives under development is the "Madayn Agricultural Project," aimed at promoting sustainability and innovation in the food sector. In collaboration with the Ministry of Agriculture, Fisheries and Water Resources, Madayn also plans to establish greenhouse facilities in several industrial cities to bolster local food production and support entrepreneurship.
In a step towards international collaboration, Madayn signed a memorandum of understanding with a South Korean company to set up a smart farming project focusing on Korean fruits and a farm-based café concept.
Madayn is intensifying marketing efforts both locally and internationally to promote food sector investment, including participation in specialised trade exhibitions.
The food industry is a cornerstone of Oman's industrial development and a critical contributor to the country's food security and economic diversification goals under Oman Vision 2040. — ONA

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Observer

4 hours ago

• Observer

OJT partners, UTAS graduates feted

MUSSANAH: The University of Technology and Applied Sciences – Al Mussanah (UTAS-Al Mussanah), through its Training and Career Guidance Center, hosted the second graduates gathering and recognition ceremony on June 19. Held under the auspices of Dr Munia bint Mohammed al Farsiyah, Deputy Assistant Vice-Chancellor for E-Systems and Student Services, the event recognised key partner institutions involved in the On-the-Job Training (OJT) Programme for the 2024-2025 academic year. A total of 20 public and private sector institutions were honoured for their support in providing students with practical, real-world training experiences. Notably, the Royal Navy of Oman received special recognition for training over 100 students across the 2023-2024 and 2024-2025 academic years, establishing itself as one of the university's most active OJT partners. The gathering also brought together UTAS graduates currently employed at the Al Mussanah campus. The event provided a vibrant and engaging atmosphere, filled with graduate-led activities and entertainment that encouraged networking and connection among attendees. In her address, Dr Al Farsi lauded the contributions of the partner institutions and stressed the importance of strengthening ties with the labour market to enhance student preparedness and align with the objectives of Oman Vision 2040. The ceremony concluded with the presentation of commemorative plaques and certificates of appreciation, reaffirming the university's commitment to building impactful partnerships and advancing training initiatives in step with national development goals.

Observer

4 hours ago

• Observer

Editorial - Income tax to diversify economy, shore up social protection

Oman is on the cusp of a significant shift in its tax landscape with the introduction of a personal income tax (PIT). This move, a first for the Gulf Cooperation Council (GCC) region, aims to diversify the country's revenue streams and reduce its reliance on oil revenues. The introduction of personal income tax in Oman is a strategic move to diversify revenue streams and address economic challenges. While it may present some challenges, it also reflects Oman's commitment to aligning its tax regime with global standards and fostering economic growth. The Personal Income Tax Law, as per Royal Decree No 56/2025, consisting of 76 articles distributed across 16 chapters, stipulates a 5 per cent tax on the taxable income of natural persons whose gross annual income exceeds RO 42,000, derived from specific income types as defined by the law. The law also includes deductions and exemptions accounting for social considerations in the Sultanate of Oman, such as education, healthcare, inheritance, zakat, donations, primary housing and other factors. The Tax Authority said that the Personal Income Tax Law complements the tax system in line with Oman's economic and social conditions and aligns with the role assigned to the Tax Authority. It also contributes to the objectives of 'Oman Vision 2040' by diversifying income sources and reducing reliance on oil revenues, with targets of 15 per cent of GDP by 2030 and 18 per cent by 2040. Additionally, the tax aims to promote wealth redistribution among societal segments, enhancing social justice, while supporting the state budget and specifically financing part of the social protection system. The implementation follows an in-depth study assessing its economic and social impact, with approximately 99 per cent of Oman's population expected to be exempt. The executive regulations of the law will be issued within a year of its publication in the Official Gazette. An electronic system has been developed to promote voluntary compliance, linked with relevant departments for accurate income calculation and verification. The initial plans for an income tax were announced in 2020. The draft proposals suggested a tax rate ranging from 5 per cent to 9 per cent for Omani citizens and expatriates. However, the implementation date has been repeatedly postponed. With all necessary preparations and requirements for implementing the tax completed, the executive regulations of the law will be issued within one year of its publication in the Official Gazette. An electronic system has been developed by the Tax Authority to promote voluntary compliance and has been linked with the departments concerned to ensure accurate income calculation and verification of tax declarations. The Tax Authority has also strengthened its workforce through specialised training programmes in line with the tax implementation requirements. Additionally, guidance manuals for natural and legal persons will be published according to a predetermined schedule. Oman's move to introduce a personal income tax sets it apart from other GCC countries, which currently do not have a personal income tax. While Oman is introducing a personal income tax, it already has a corporate tax framework in place. The standard income tax rate for businesses is 15 per cent. However, small and medium enterprises (SMEs) meeting specific criteria can benefit from a reduced tax rate of 3 per cent. Special provisions apply to the petroleum sector, with a tax rate of 55 per cent.

Muscat Daily

5 hours ago

• Muscat Daily

OIA posts RO1.6bn profit, ramps up local investment

Muscat – Oman Investment Authority (OIA) has reported strong financial results for 2024, announcing that its assets now exceed RO20bn, with annual profits reaching RO1.585bn. In line with its commitment to fiscal support, OIA injected RO800mn into the state budget last year. According to SWF Global, the authority is now ranked the world's eighth-best sovereign wealth fund in terms of five-year investment return rates. OIA continues to spread investment risks by diversifying geographically and across sectors. Its three portfolios – the National Development Fund (NDF), Future Generations Fund and Future Fund Oman – have exposure in more than 50 countries. Local investments accounted for the largest share at 61.3%, with North America next at 19.9%. The NDF, aligned with Oman Vision 2040, invested about RO1.9bn in local projects, exceeding its RO1.7bn target. Key projects include Duqm Refinery, Lasil and Al Baydha copper mines, Asyad Container Terminal, and Manah 1 and Manah 2 solar power plants. Internationally, the Future Generations Fund expanded its portfolio by investing in 13 global funds across technology, AI, energy, healthcare and fintech, besides backing Elon Musk's xAI initiative. Future Fund Oman, launched in January 2024, received 294 investment applications and approved 44 projects worth RO333.1mn. Major investments include the Sohar Poly Silicon plant – the largest outside China – and three new funds exceeding RO250mn in sectors like ICT, energy, agriculture, renewables, healthcare and electric vehicles. Efforts to attract foreign direct investment (FDI) brought in RO3.348bn in 2024, mainly in energy, tourism and mining. OIA also repaid RO1.846bn in debt for its companies, including early repayment of RO545mn for OQ Group loans, while government guarantees dropped from RO3.4bn to RO1.8bn. Its divestment programme exceeded set goals, with six asset exits, including the high-profile IPO of 25% of OQ Exploration & Production shares. Proceeds are being redirected to new diversification projects. OIA's local content and SME initiatives continue to expand. In 2024, it spent RO265.5mn with SMEs, including RO139mn for Riyada cardholders, making up nearly 20% of supply chain spend. It also launched a new mandatory list covering 311 local products and services and supported 38 SMEs with RO11mn. The authority created 1,393 new jobs for Omanis last year, raising the Omanisation rate to 77.7%. Abdulsalam bin Mohammed al Murshidi, President of OIA, said 2024 exceeded performance targets in job creation, local content and foreign investment, crediting the authority's achievements to the dedication of its national workforce.