Muscat, January 13 2021: Khazaen, the newest integrated economic city of Oman, is continuing its efforts for contributing to the Sultanate’s ambition growth plans to diversify its national economy. Understanding Oman’s potential as a fast-growing commercial hub, several local and foreign companies are expanding their businesses here and more importantly, making Khazaen Economic City part of their expansion plans. Two more local companies already having operations in Oman, have recently signed agreements to set up operations in this promising, purpose-built and state-of-the-art economic city, further consolidating its position as a preferred destination for new industrialists, businesses and entrepreneurs.  

The lease agreement with First Axis Company was signed to develop logistics and warehousing storage facilities for furniture and other products. The Group which owns Muscat Furniture International, has its existing warehousing facilities in Barka Industrial Area besides branches across the Sultanate.

First Axis Co. aims to centralize its operations in the furniture sector and has selected Khazaen for consolidating its other businesses as well, which also include construction materials, mattress and seating upholstery, and electrical equipment. At this stage, First Axis Co. plans tobuild its own warehouses complex in Khazaen Economic City to meet the storage needs of its furniture and electrical appliances business, thus benefitting from the Khazaen’s strategic location and inter-connectivity to various markets. The agreement was signed by Mr. Khalid Al Balushi, CEO of Khazaen Economic City and Mr. Ahmed Jumah Al Ajmi, CEO of First Axis Co.

The second agreement was signed with Ishaq Freight & Trade Establishment Co. to establish different storage and logistic facilities. Under this agreement, the company plans to build its main operational office in Khazaen Economic City with yards for its various transportation trucks. Additionally, it will also be moving part of its existing fleets from Misfah Industrial Area to Khazaen. The company is specialized in cargo and freight forwarding services industry and isalready servicing several major clients across the GCC. With eyes set on expanding its fleet and operations, the company believes that Khazaen Economic City will play a key role in achieving this objective.

Khalid Al Balushi, CEO of Khazaen Economic City, said: : “Khazaen has a multidimensional role to play in Oman’s economic growth plan. To fulfil these objectives, it is important that it creates a business-friendly environment for investors and provides them with all the supportive facilities. These latest agreements, like many others before, once again indicate that the market is gaining positive momentum and is favorably responding to Khazaen’s marketing and business development efforts. We are happy to welcome our new investors and eager to see them reach out their true growth potential using Khazaen Economic City’s infrastructure and its modern facilities.”

Commenting on the agreement, CEO of First Axis Company,  Mr. Ahmed Jumah Al Ajmi said “Today we have taken a very important step by moving part of our business operations to Khazaen Economic City, which will allow us to consolidate several business lines into one integrated location that will help us to conduct efficient business operations throughout the Sultanate”. On his part, Mr. Ishaq Abdullah Al Balushi CEO of Ishaq Freight & Trade Establishment said “We are seeing a positive signs of an overall market recovery and a positive gradual return to normal business. Undoubtedly, as an Omani Venture on this specialized market segment we are truly confident of our selection of Khazaen as  a logistic hub which will help us with our ambition plans to expand further the company’s fleets to serve our customers and partners in the Sultanate and across the GCC countries network”.