Driven by the fast pace in the implementation of new projects, the Omanisation rate in the manufacturing sector has reached 57 per cent by the end of July this year.
This was revealed at a meeting of the Manufacturing Steering Committee held at the Ministry of Commerce and Industry to follow up with the outputs of the National Program for Enhancing Economic Diversification (Tanfeedh).
According to the Support and Follow-up Unit (ISFU), the body charged with overseeing the realisation of the Tandfeedh policies, the manufacturing sector has already achieved 50 per cent of its targets set during 2019 in comparison to the July target of 52 per cent.
The meeting was chaired by Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry, in the presence of representatives from government and private sector.
According to a statement from ISFU, investments amounted to RO 3.4 billion as of the first half of 2019, out of total expected investments of RO 5.4 billion at the end of the year.
“The number of jobs generated by the projects reached 1,579, with 57 per cent Omanaisation rate”, the statement said.
The meeting also discussed the implementation plans for the projects, with a focus on problem solving for four main projects. During the current year, the sector witnessed the launch of production at the Sebacic Oman and the polymer experts. Sebacic Oman is a joint venture between investors from Oman and India. The cost of the first phase of project is RO 24 million and the company will implement remaining phases of the project in the
coming years.
In addition, five new projects were added to the 2019 manufacturing dashboard.
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