Muscat, March 1
Khazaen Economic City, Oman’s newest, and most integrated business destination has recently signed a landmark agreement with KV Group International to set up a polyethylene packaging factory and a commercial facility in the city.
The RO 7 million worth of investment signed with KV Group International will enable the investor to build a state-of-the-art polythene packaging plant in the industrial zone on a total land area of 40,000 m2 and also to construct the first hypermarket in the city, spread over 5,500 m2 in the commercial block. The hypermarket will cater to the Khazaen community as well as early commercial tenants.
Commenting on the agreement, Khalid Al Balushi, Chief Executive Officer of Khazaen Economic City said, “Khazaen continues to grow with the arrival of more investors thus reiterating its status as the most promising economic hub, and its march towards its objectives of enhancing the growth of the national economy.”
“Khazaen is gaining in position as an emerging and preferred location for the establishment of different types of businesses due to its strategic location. We have an excellent pipeline of investors who are eager to lease out different types of plots at the city. We are looking forward for a positive 2021 despite the continuous impact of COVID-19 on the global economy,” Al Balushi added.
During 2020, Khazaen announced growth-oriented incentive packages for local and foreign investors to support government initiatives aimed at diversifying and stimulating the national economy. These incentives and exemptions have contributed towards reducing the initial and operating costs for early investors.
“Being one of its kind, Packovic targets to meet Oman’s industrial packaging requirements as a major part which is currently being internationally sourced. The factory will have best-in-class European plant and machinery, superior grade raw materials, sound technical knowhow of the process, products and markets, thus giving it an edge over its competition,” said Abdul Vahid, Managing Director, KV Group.
“Packovic – the brand name of the polyethylene packaging factory products – is part of the Group’s vision 2025 to have sourcing hubs and packing houses in different countries to achieve its “Farm to Fork” ‘philosophy, thus contributing towards Oman’s food sustainability by mobilising significant new capital to fund its expansion,” Abdul Latheef, Director, KV Group, said.
KV Group International was established in 1991 with its headquarters in Oman. The Group has business ventures spread across Dubai, Bahrain and India. Its parent company, Suhol Al Fayha Trading LLC, is a market leader in the import, distribution, wholesale and retail of fruits and vegetables for the past three decades and is the first ISO-certified company in this segment, importing from more than 50 countries.
“The Sultanate of Oman is a land of opportunities. KV Group International is continuously doing its best to contribute towards Oman’s self-sustainability in the food industry under the Wise Leadership of His Majesty Sultan Haitham Bin Tariq and thanks to the father of modern Oman, the Late Sultan Qaboos bin Said whose strong foundation is the reason the Sultanate’s economy is growing steadily in the GCC,’’ says Abdul Jabbar, Chairman, KV Group.