MUSCAT: Ladayn Polymer Park, an exclusive plastics manufacturing hub located in Suhar Industrial City, has snagged an important international investor that will set up operations at the cluster established just downstream of Liwa Plastics, the source of polymer feedstock.
According to a post of OQ Group, which has set up Ladayn in partnership with the Public Establishment for Industrial Estates (Madayn), the investor is Multibond LLC, a joint venture between Chinese investors (88%) and Indian players (12%). Multibond plans to invest $23 million in a facility at Ladayn to supply raw materials.
The collaboration will support the creation of the first company in Oman and the Middle East specializing in the production of a niche range of polymer based materials, including: Hot-Melt Polymer Compounds and Film as bonding film for composite sheet lamination; Integrated Fireproof A2/A1 Class cladding produced from local raw material; Fire Resistance Polymer Compound; Protective plastic film; and other polymer composites.
The announcement came during OQ’s participation in CHINAPLAS 2024, billed as the world's leading technology-oriented plastics and rubber trade fair, which concluded in the Chinese city of Shanghai on Friday.
Multibond is the latest in a series of prestigious investors that have flocked to the Ladayn cluster since it was launched just over a year ago. Just last December, OQ – the parent company of Liwa Plastics – signed agreements with a total of nine local and international manufacturers that pledged investments of around $88 million in the park.
Signing agreements were: Mohammad Riaz Sons Plastic Company for the production of sustainable food packaging components with an investment of $35 million; Napco for a $15 million packaging bags and plastic compounds unit; MAK Germany for a specialized plastics compound plant worth $11 million; Madayn Plastic Company SPC for a plastics unit worth $8 million; and other units support innovative 3D manufacturing, the production of plastic waste containers and pallets, plastics recycling, wood plastic composites, and colour masterbatch production.
Covering an area of around 1 million m2, Ladayn is dedicated to the manufacture of semi-finished and finished high value-added plastic products targeted at the healthcare, food packaging, construction and agriculture sectors. Designed keeping in mind sustainability goals, the park’s operators have pledged to ensure that 30% of Ladayn’s power requirements will come from green energy, mainly solar.
An attractive feature of the park is its ‘Plug-and-Play’ design, making it seamless and convenient for local and international investors to set up their plastics-based industries with minimal start-up costs.
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