Oman's Public Establishment for Industrial Estates (Madayn) has announced the laying of the foundation stone for a multi-storey parking project featuring modern office and service spaces at the Knowledge Oasis Muscat (KOM). 

The RO9 million ($23.3 million) project is being developed by Oman National Engineering and Investment Company. It will come up on a land area of 14,863 sqm within KOM.

The foundation stone laying ceremony was held in the presence of Eng. Dawood bin Salim Al Hadabi, CEO of Madayn and other senior officials. 

Speaking on the occasion, Madayn officials said with a total building area of 52,221 sqm, the project will feature a ground floor and four upper floors and will include a range of facilities and services, including office spaces covering 7,000 sqm, commercial areas of 1,500 sqm, and parking capacity for up to 1,500 vehicles. The project will also feature areas for quick vehicle maintenance services, shops, cafes and additional service facilities. Project completion and operation are expected by November 2027.

Eng. Jaafar Al Ajmi, Director General of Knowledge Oasis Muscat, said the project represents a strategic step toward strengthening service infrastructure and creating an ideal business environment for companies operating in the Knowledge Oasis Muscat.

The project forms part of Madayn’s strategic approach to developing its industrial cities and maximising the utilisation of their strategic locations, supporting operational efficiency and enhancing service facilities in line with rapidly evolving economic changes. 

The project reflects a long-term planning model that balances current requirements with future expansion needs, it added.

Al Ajmi said Madayn continues to implement quality projects aimed at enhancing the competitiveness of industrial cities and elevating the quality of services provided to investors.

The Knowledge Oasis Muscat, he stated, focuses on attracting sectors that support the knowledge economy, including technology and communications, business services, education and training, creative industries, entrepreneurship, and innovation. 

These activities contribute to building an integrated ecosystem that encourages innovation, generates high-quality employment opportunities, and attracts value-driven investments, and hence reinforcing the Sultanate’s position as a leading hub for technology.

By the end of 2024, the cumulative investment volume at KOM rose to RO312.5 million ($809 million). The number of projects has surpassed 200, employing 2,621 individuals and occupying a total area of 759,566 sqm during the same period, he added.-TradeArabia News Service