Mining sector ripe for FDI

Muscat, Oct 9 – Mining sector in Oman will become a major contributor to the national income besides employing a large number of citizens in the days to come, said Nasser al Maqbali, Deputy CEO, Mining Development of Oman (MDO).
“Mining has been identified as one of the key pillars of Oman economy and will become a key driver as there’s huge potential for the sector to grow in future,” said Al Maqbali.
According to him, while the government has been considering the sector as a major source of national income, the private sector has been showing keen interest in investing in it.
Oman is blessed with a lot of copper and mineral deposits. Some of its main resources include chromite, dolomite, zinc, limestone, gypsum, silicon, copper, gold, cobalt and iron.
“Climate for foreign direct investment is ripe. Political stability, weather pattern and the strategic location of the country, coupled with sound infrastructure are highly promising,” he said.
“We need to focus more on all the ingredients for development. For instance, in copper, there could be opportunities for copper smelting, refinery, cable manufacturing and the like,” said Al Maqbali.
He further said MDO’s Initial Public Offer (IPO) would be in the first quarter of 2018.

Kabeer Yousuf