Eighteen investment opportunities worth OMR1.5bn announced in Oman

Oman Sunday 24/April/2022 23:45 PM
By: Times News Service
Eighteen investment opportunities worth  OMR1.5bn announced in Oman
Six of the 18 opportunities with an estimated investment volume of OMR974mn are in the tourism sector, while 12 other opportunities worth OMR528mn are in the circular economy related to waste management.

Muscat: Investors looking to set up operations in Oman now have 18 new opportunities to choose from, following the launch of fresh avenues for investment by the Ministry of Commerce, Industry, and Investment Promotion (MOCIIP).

“18 investment opportunities have been launched, including six in the tourism sector, at an estimated investment volume of OMR974mn, and 12 opportunities in the circular economy related to waste management that are worth OMR528mn,” said Asila Al Samsamiyah, the Undersecretary for Investment Promotion at MOCIIP.

The announcement of these 18 opportunities came during an event that was sponsored by the Ministry of Heritage and Tourism, with Minister of Heritage and Tourism Salim Al Mahrouqi officially inaugurating their launch through the Invest in Oman platform.

The platform lists a variety of investment opportunities that meet the needs of both the market and investors, and is part of Oman’s efforts to encourage and achieve sustainable economic development in the country.

These investment opportunities were made available owing to cooperation between the government and private sectors, following market studies and evaluations conducted to assess the feasibility of the projects.

Among the companies involved in organising the opportunities was Omran, the country’s tourism development arm, whose CEO.

Omran CEO  Hashel bin Obaid Al Mahrouqi, said, “We seek at Omran Group to develop profitable and sustainable tourism destinations, to contribute to achieving economic growth, and consolidating Oman’s position as an attractive tourist destination.”

Another of the companies involved was Muscat National Development and Investment Company, more commonly known as ASAAS Oman.

“ASAAS has been working since its establishment to achieve its national goals in economic diversification, and creating job opportunities for the youth, and small and medium enterprises, by opening up to investment and attracting foreign capital in several sectors, including transportation and tourism,” said ASAAS CEO Sulaiman bin Ahmed Al Kindi.

Mohammed bin Sulaiman Al Harthy, the vice president of Oman Environmental Services Holding Company, also known as be’ah, also emphasised his company’s role in diversifying waste management and generating a circular economy across Oman.

A review of how to access the Invest in Oman platform and view the various projects available and prerequisites to invest in them was also conducted by Faisal Al Hakmani, the director of the Investment Opportunities Department at MOCIIP.

Economic diversification
The expanded investment opportunities come as part of the ministry’s aim of attracting qualitative investments in the sectors of economic diversification, and creating the appropriate environment for the success and development of investments.

The move will empower the private sector and motivate companies to invest, thereby increasing the contribution of foreign direct investment to Oman’s GDP, and promote the country as a sound investment destination.

Also present at the launch were a number of top management executives from private sector companies, as well as businessmen and investors.