Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Ithraa outlines Oman’s growth ambitions

915390
915390
minus
plus

Ithraa drives the global marketing of Oman as a world-class business location and delivers an extensive package of expert advice to potential investors and exporters.  


Business Reporter -


MUSCAT, FEB 1 -


Plans designed to gain access to new and growing markets for Omani non-oil exporters and strengthen relationships with internationally owned companies were revealed by Ithraa, the Sultanate’s inward investment and export development agency.


“Our approach whether it’s expanding non-oil exports or attracting further inward investment is all about understanding the needs of business. This approach has proved successful over the years,” explained Taleb al Makhmari, Ithraa’s Director General of Marketing & Media.


Ithraa drives the global marketing of Oman as a world-class business location and delivers an extensive package of expert advice to potential investors and exporters.


“Our services are free-of-charge and available to domestic and international companies that want to set up, expand or export from Oman,” emphasised the Ithraa Director General.


According to Al Makhmari, the Ithraa team will continue its traditional targeting approach towards large and fast growing companies throughout key sectors and markets. In 2016, Ithraa managed the commercial registration of over 25 companies from 14 countries. Investments were placed in sectors that included manufacturing; agriculture; waste management; construction; oil and gas; and real estate.


“Working hand-in-hand with stakeholders, we continue to tailor Oman’s business offer that builds on the Sultanate’s key assets. Our value proposition to investors is Oman’s ability to meet their commercial needs for cost reduction, world-class manufacturing facilities and transport infrastructure, an educated multi-lingual workforce and easy access to large regional and international markets,” explained Al Makhmari.


Ithraa’s 2017 plan builds on a long history of collaboration with stakeholders in the business community and public sector. “Export and inward investment policy making is underpinned by a common commitment to the Omani people, driven by a shared ambition to increase national prosperity and competitiveness,” noted Al Makhmari.


Given recent investment in the Sultanate’s transport network, cultural attractions, housing, retail, education and health sectors, Oman has become a more appealing business destination, one that is attracting significant global attention.  “Creating the right conditions for investment is critical to Oman’s success, particularly in relation to providing investors with top-flight talent, an attractive working environment and lifestyle,” added Al Makhmari.


Regardless of the current tough economic climate, Ithraa is geared up and ready to take advantage of the opportunities that will come from the eventual upturn in the global economy.


“Our initiatives in both investment and export, whether that’s attending international exhibitions, organising trade missions or one-on-one B2B meetings, are focused on sectors and markets that we’re confident will grow.”


Ithraa will be taking Omani firms to the leading stone and marble exhibition, Marmomacc in Verona; Plast Eurasia in Istanbul; and the China International Fishery & Seafood Expo in Guangzhou.


Ithraa’s Export Development team will also be leading a large delegation of Omani businesses to OPEX.“It’s an event-packed year for our non-oil exporters,” remarked Al Makhmari.


According to the Ithraa official, Omani firms are exporting to 135 countries. And as of September 2016, non-oil exports reached $4.6bn.


The volume of non-oil exports rising by 24.7 per cent over the same period in 2015.“We’ve a lot to be proud of,” enthused Al Makhmari.


Manufacturing, logistics, fisheries, tourism and mining will clearly remain lead sectors, while health, education, food, innovation and R&D will also be key to Oman’s growing economic ambitions.


With regards investor development activity, and in addition to GCC markets, Ithraa’s European presence will remain critical to attracting British, French, German, Italian, Swiss and Dutch investment. Asian economies, particularly India, China, Brunei, Singapore and Turkey are also important to Oman.


“Our activities aren’t based just on attracting new investment and helping existing non-oil exporters, we strike a balanced approach between winning new investment, assisting the expansion and retention of existing firms through to helping small businesses and start-ups explore international export opportunities,” highlighted Al Makhmari.


Given the volume of investment and export enquiries Ithraa is receiving, it is clear Oman is becoming the location of choice for businesses seeking a new base in the Gulf.


Firms understand they can benefit from a motivated and skilled workforce, world-class infrastructure and a thriving professional community.


Together with the sultanate’s strategic location, robust economy, stability, unrivalled quality of life and clean environment, these factors make a compelling case to move to, set-up in and export from Oman.


SHARE ARTICLE
arrow up
home icon