The Ministry of Commerce, Industry and Investment Promotion (MCIIP), in cooperation with the government and private sectors, announced at Oman Convention and Exhibition Center (OCEC) on Sunday, 17th April 2022, 18 investment opportunities with a total investment exceeding RO 1.5 billion.
The event was inaugurated under the sponsorship of H E Salim bin Mohammed al Mahrouqi, Minister of Heritage and Tourism who described these proposed projects as an integrative model of many such future opportunities holding huge promise for foreign investment and doing business in Oman. The Minister noted that the investment opportunities in the tourism sector alone will surpass more than OMR 20 billion in the next 20 years.
The investment opportunities announced through the “Invest in Oman” platform will be in the tourism and circular economy sectors, in cooperation with the public and private sectors, and will concentrate on waste management projects mostly focusing on electrical & electronic equipment waste recycling, establishing biogas plants to mainly turn organic and sanitary waste to sustainable energy and fertilizers, all waste to energy recovery projects, converting used cooking oil into biofuel, recycling of glass waste, green waste recycling including waste paper and cardboard, recycling of copper and aluminum, lead-acid battery treatment facility and fish waste recycling.
These investment opportunities also include several tourism projects spread over various governorates of the Sultanate of Oman.
The investment opportunities announced were in partnership with the Muscat National Development and Investment Company (ASAS), the Omani Tourism Development Company (Omran), Omani Environmental Services Holding Company (Be’ah) and the Jabal Busher Heights Real Estate Development Company.
The projects focus on attracting qualitative investments in the sectors targeted for economic diversification and creating a conducive environment for all such investments to grow and succeed. These investment opportunities will act as a catalyst to increase the proportion of foreign direct investment in the national GDP.
H E Asila Salim al Samsamiyah, Undersecretary for Investment Promotion in MoCIIP added, “During the past year and early this year, the ministry launched several investment opportunities in the industrial sector, and it also activated several incentive programmes for investors.”
She also pointed out saying, “Out of the 18 investment opportunities, six are in the tourism sector with an investment volume of approximately RO 974mn and 12 investment opportunities are in the circular economy sector waste management worth RO 528mn.”
Importers Directory Service will be started by the Ministry at the earliest to provide a database of global importers in more than 180 countries around the world and to help Omani exporters, institutions and commercial companies operating in the sultanate to increase the volume of their exports to various countries of the world.
As per MoCIIP, the biogas plant allocated in Barka landfill will have a capacity to treat up to 150,000 tonnes per year of organic waste and produce about 4-6 megawatts of electricity that will be connected to the main network for household usage and in other areas as the case may be.
Oman has announced many such investment opportunities and policy reforms over the last year for attracting foreign direct investments into the country and when it comes to How to register SMEs in Oman, the country is bringing in sweeping changes in all ‘company incorporation in Oman’ procedural details.