Oman’s Public Establishment for Industrial Estates Madayn has revealed that its board of directors decided to merge the company’s core sections, the Industrial Innovation Centre, the National Business Centre, and the Madayn Industrial Academy, into one entity, the Madayn Industrial Innovation Academy.
This announcement was made during a recent meeting of Madayn’s Board of Directors chaired by Dr. Saleh bin Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, and Chairman of Madayn’s Board of Directors.
The move aims to streamline Madayn’s organizational structure, investigate and research value-added investment prospects in various industries, reduce operational costs, and improve the performance of factories in Madayn’s industrial cities. It will also assist Madayn and its subsidiaries in improving the efficiency of national capacities through training activities and consulting services.
The company said in a statement that the Academy intends to help the industrial sector by developing advanced innovative solutions to fulfill the needs of the local market, increasing local content, reducing imports, and improving Omani exports to overseas markets.
According to Madayn, “The new entity focuses on three paths, namely local content and opportunity development; industrial incubators and innovation; and training and rehabilitation. The local content and opportunity development path concentrate on studying existing supply chain management in various economic sectors, developing associated investment opportunities, and providing enablers that contribute to better achieve the expected outcome such as offtake agreements and any other enablers required by the projects.”
The first-path industrial firms will qualify for the second path and will be localized or incubated, while current industries will be upgraded and developed by focusing on innovation. Further, the third path, which focuses on training, rehabilitation, and consultancy studies, will provide training chances to national cadres so that they can benefit from the investment opportunities resulting from the local content.
“This path also takes into account the significance of providing consultancy services to Madayn and its companies to achieve strategic partnership between the Academy and Oman Vision 2040 Implementation Follow-up Unit,” as per the reports.
Related: Oman’s cost-cutting steps helped to lower public spending by 2.1% in 2020; MoF