Forum promotes Oman as a destination for investment in the field of renewable energy

Oman Wednesday 27/July/2022 18:51 PM
Forum promotes Oman as a destination for investment in the field of renewable energy

London: Oman Renewable Energy Conference kicked off on Wednesday under the auspices of Abdussalam Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA).

It was organised by the Ministry of Commerce, Industry and Investment Promotion in cooperation with the Foreign Ministry, represented by Oman’s embassy in London, the OIA, the Ministry of Energy and Minerals, the Anglo-Omani Society and the Omani-British Friendship Association.

The conference seeks to promote the Sultanate of Oman as a global destination with great potential for investment in the green energy sector, which took the limelight in Oman through a number of mega projects and ventures in the field of renewable energy.

The conference complements the role of the Ministry of Commerce, Industry and Investment Promotion as it showcases Oman in the global arena and expands its international market share of Omani-origin non-oil exports. The conference is an opportunity to consolidate efforts in investment, enhance exports and organise bilateral programmes, symposia and exhibitions.

During the conference, Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, announced the inauguration of the British Investor’s Bureau, which aims to market investment opportunities and create partnership for the establishment of investment projects necessary for sustainable economic growth, promotion of Omani non-oil exports and strengthen their presence in foreign markets.

Great attention is accorded to the British market due to the fact that it is the largest investment partner of the Sultanate of Oman. This partnership covers many sectors, including oil, gas, technology, infrastructure, defence and education. The United Kingdom was in the forefront of direct foreign investors in 2020, with investments aggregating at OMR7.112 million.

Last January 2022, the Sultanate of Oman signed a partnership agreement with the British side to augment investment cooperation in the fields of clean energy and information technology. This visit comes within the context of efforts to attract more British investments from target sectors.

Aseela Salim Al Samsami, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, gave an overview of opportunities offered by the Sultanate of Oman in the fields of renewable and low-carbon energy, industry, tourism, fishing, mining and logistic services.

She explained that the Sultanate of Oman lends strong support to renewable energy projects through the National Energy Strategy and Oman Vision 2040, which encourages gradual transformation into low-carbon energy. A number of projects and initiatives launched recently in Oman were aimed at diminishing carbon emissions, she said.

She affirmed that a national central team was formed to help unify efforts exerted in renewable energy and hydrogen projects with a view to determining a clear-cut strategic track for projects and applying specific planning models for the distribution of projects and the best possible utilisation of natural resources.

The conference also included discussion sessions in which CEOs of OIA-affiliate firms showcased investment opportunities available in Oman, the incentives offered by the country to investors in the field of renewable energy and Oman’s preparedness to be a leader in the field.

The OIA also exhibited readily available investment opportunities offered to British investors across various sectors, including renewable energy, tourism, fishing, mining and logistic services.