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Madayn’s investment arm inks $120m deal with Sadeen

Madayn’s investment arm inks $120m deal with Sadeen
Sadeen will finance Shumookh for a number of major projects

Mubasher: Shumookh Investment and Services, the investment arm of Oman’s Public Establishment for Industrial Estates (Madayn) has signed an agreement with Sadeen Group, according to a press release on Monday.

With an estimated cost of $120 million, Shummookh plans to implement a number of development projects in the industrial cities of Madayn.

The agreement was signed by Hilal bin Hamad Al Hasani, chairman of Shumookh Investment and Services, and Eng. Hani Salah, chairman of Sadeen Group.

CEO of Shumookh Investment and Services Company Eng. Musallam Al Hudaifi said that these development projects aim at providing all necessary services for the investors.

Upon this agreement, Sadeen will finance Shumookh for a number of major projects in Rusayl and Samail Industrial Cities, and the Knowledge Oasis Muscat to be implemented over the coming three years with building areas exceeding 164,000 square metres.