Sunday 24 / November / 2024
Muscat: In a massive boost to the manufacturing sector and to promote Oman as an ideal investment destination, several important projects have been announced across the Sultanate of Oman on Monday.
These projects are coming up in various parts of Oman, including Samail, Ibri, North Al Batinah, Sohar and Dhofar to establish vital factories.
Elaborating on the new projects, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has identified new investment opportunities worth over OMR122 million across the Sultanate.
These include among others, setting up of copper bars factories in both Samail Industrial Estate and Ibri Industrial Estate. Another opportunity exists for setting up a steel casting and steel alloys manufacturing facility in the Governorate of North Al Batinah.
Also there is an opportunity to establish a plant of semi-solid aluminium packages in Sohar Industrial City.
This project is considered as a new manufacturing facility to produce pre-made aluminium for products to be used in making food trays for the retail and restaurants.
There is also an investment opportunity to set up a steel factory in the Governorate of Dhofar for the manufacture of light steel blocks that can be used in the construction field.
The press statement from MoCIIP said that these opportunities will contribute to attract quality investments for economic diversification and development throughout the Sultanate of Oman.
They will also contribute to creating the appropriate environment for the success and development of all investments, empowering the private sector and motivating the sector to further invest, in addition to increasing the share of foreign direct investment (FDI) contribution to the gross domestic product (GDP). These new projects will also help in promoting the Sultanate of Oman as an ideal investment destination in various manufacturing industries.
Elaborating further about these projects the Ministry of Commerce, Industry and Investment Promotion clarified that the investment opportunity to establish a new copper rods factory where an initial feasibility study is available for this project.
The investment of this project is worth OMR40.51 million with an expected return on investment of 22.72 percent. The project will be built on a land area of 2,000 square metres in Samail Industrial Estate and Ibri Industrial Estate.
Regarding the investment opportunity to set up a steel casting factory that will manufacture steel ingots, the project will be established in the Governorate of North Al Batinah on an area of 30,000 square metres, with an investment of OMR3.7 million.
An initial feasibility study is available for the project and the return on investment for this project is expected to reach 18.7 percent.
The investment opportunity to manufacture semi-rigid aluminium containers aims at establishing a new manufacturing facility to produce pre-formed aluminum that are used for food containers, dishes and trays for the retail and restaurant sectors, for which there is an initial feasibility study.
The project will be built on an area of land estimated at 10,000 square metres in Sohar Industrial City. The total investment for this project is OMR1.3 million and the return on investment in this project is estimated 15 percent.
Steel manufacturing plant
Another opportunity to establish a steel manufacturing plant aims at setting a new unit for the manufacturing of light structural steel blocks for long products for the needs of the construction sector.
An initial feasibility study is available for this project that will be built on an area of 10,000 square metres in the Governorate of Dhofar. While the total investment in this project is estimated at OMR77 million the return of investment in this project is 14.66 percent.
