June 2016 Advanced Universal Tech LLC (AUT) signed agreement with Iran NanoTechnology Initiative Council (INIC) to set up Nano industrial city in Oman. NanoCity Oman is the first initiative of its kind, as large scale collaboration between private sectors in Sultanate of Oman and Islamic Republic of Iran.
The infrastructure cost (phase-1) will be around 300 million USD to set up 200 Nano industries and nine research and development centers. The NanoCity Oman will be built up based on the achievements of Iran NanoTechnology Initiative Council.
Sultanate of Oman is highly dependent on oil and gas resources. Manufacturing has been the strategic choice to achievement of rich nations over the last several hundred years in order to develop national wealth. Manufacturing is the main driver of economic growth. No machinery industries, no sustained long-term economic growth.
The NanoCity Project will encourage the private foreign investors. The slump in the world oil market and the emergence of the global financial and economic crisis requires new creative revenue generating options on the national level, to give Oman more diversification options.
NanoCity will offer the investors to interact with the various government agencies. This single point access will serve to simplify procedures, improve the availability of information, and ensure efficiency in obtaining the required approvals