Monday, November 07, 2005

Massive Investment at KOM

HE Maqbool bin Ali Sultan, Minister of Commerce and Industry ( and Chairman, Public Establishment for Industrial Estates ( recently signed a US$7.2 million contract with Al Adrak Trading & Contracting LLC ( to construct additional Class-A office space on Knowledge Oasis Muscat ( "KOM's expansion" explained the Minister "is to satisfy demand for additional hi-tech workspace. The US$7.2 million investment is being used to provide 9,000 square metres of flexible business accommodation that will cater for a broad range of hi-tech uses. The Park's new building will not just house people and offices, but holds the promise of spearheading economic growth for Oman. Indeed, further expansion of KOM is testament to the Park's success."

Sultan Al Habsi, Executive President, PEIE and the man spearheading the Park's development remarked: "By financing KOM's expansion, the government is furthering its objective of stepping up ICT research and innovation in Oman and establishing a leading regional position in the technology field, so promoting the competitiveness of the Sultanate's economy and creating new jobs." Inaugurated in September 2003 to develop and promote a community of technology and research and provide a location where such activities could thrive "KOM's viewed by many as an initiative that has been a boost to the entire country as it attracts inward foreign investment, encourages technology transfer from domestic and international tertiary institutes and provides job opportunities for graduates and local residents. The third building is just one of more coming in the future," commented Al Habsi.

According to PEIE's Executive President: "the additional 9,000 square metre, three storey facility will provide an excellent working environment for 'growing' technology-based companies. Office accommodation will range from 40 to 900 square metres and will be available for occupation Juy 2006. Tenants of the new facility can only benefit from the expertise and facilities available within KOM. I'm confident the new building will attract more international firms and create further employment opportunities."

"Through technology there is tremendous potential to expand the Sultanate's economy. In this regard, KOM is already helping to create and retain high-technology jobs. The Park is clearly promoting new business growth," concluded Minister Maqbool.