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Oman eyes RO 17 billion investments in 3 sectors

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By Conrad Prabhu — MUSCAT: MARCH 12 - Oman’s government is targeting investment inflows totalling in excess of RO 17 billion into three key economic sectors — manufacturing, tourism and logistics — over the next 4 – 5 years, according to a high-ranking official of the Supreme Council for Planning. Talal al Rahbi, Deputy Secretary General, said the three sectors are at the heart of a strategic initiative spearheaded by the National Programme for Enhancing Economic Diversification (Tanfeedh) to accelerate economic development through the pursuit of promising non-hydrocarbon activities.


Speaking at a forum held in the city last week, Al Rahbi said the three sectors in question have been singled out from a total of 19 sectors that have been identified for investment and development during the current 9th Five Year Plan (2016-2020).  Total investment envisaged in the 19 sectors is projected at RO 42 billion over the duration of the Plan, he noted. “With regard to Tanfeedh, we are clear in terms of the direction we want to take, the investment we want to achieve, and so. Investors will also know who to talk to, and how to start the dialogue with the people responsible for the (Tanfeedh projects and initiatives),” the official said.


In this regard, he pledged to bring out before the end of this month the ‘Tanfeedh Book’ — a keenly awaited blueprint that will offer comprehensive details about the 120 projects and initiatives approved by Tanfeedh for immediate implementation.


The publication, he said, will provide specifics on the investment size of each project, timeframes, KPIs expected by the government, and focal points appointed by Tanfeedh for the implementation of each project.


Significantly, 80 per cent of the estimated RO 17 billion in investments targeted by Tanfeedh for manufacturing, tourism and logistics related projects will come in the form of private local and foreign direct investment, said Al Rahbi.


“It is estimated that the three sectors will create more than 30,000 jobs for Omanis over the next 4 – 5 years, in addition to many more jobs for non-Omanis,” for official said.


Listed for implementation in the manufacturing sector are 31 projects with a total investment size of around RO 9 billion.  These initiatives have the potential to create 10,000 new jobs for nationals over the next four years, he said.


Also promising is the tourism sector, which despite its potential, accounts for only a meager 2 per cent of the nation’s Gross Domestic Product.  “The plan is to develop the sector in order to increase tourist arrivals from 1.9 million presently, to 2.7 million.  Tanfeedh has come up with 45 projects and projects involving investments of around $2 billion, which will create at least 21,000 jobs for Omanis, and many more for non-Omanis,” he said.


Likewise, 15 projects and initiatives have been identified for implementation in the logistics sector with a combined investment size of RO 7 billion. The investments promise to spur the sector’s contribution to GDP, he added.


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