Oman Future Fund: MHT to evaluate projects for financing
Published: 08:06 AM,Jun 03,2023 | EDITED : 12:06 PM,Jun 03,2023
قريات الساحل ٢
Muscat: The Ministry of Heritage and Tourism (MHT), has praised the Royal directives of His Majesty Sultan Haitham bin Tarik to launch an investment fund- the “Oman Future Fund”, with a capital of RO 2 billion, to enhance economic activity and encourage the private sector to enter into partnerships or financially viable investment projects in the sectors of economic diversification targeted by Vision 2040, including the tourism sector.
Salim bin Mohammed al Mahrouqi, Minster of Heritage and Tourism, said that the directives of His Majesty to establish the fund represent a strategic path to strengthen the constant national endeavors towards achieving the vision objectives to build a diversified and sustainable economy. He also pointed out that, launching a national fund of this level will be an effective tool in financing tourism investment, and contributes to overcoming the challenges facing investors in this sector, accelerating the implementation of projects in a way that supports the building of a diversified and integrated tourism sector.
He emphasized that the establishment of this fund will also be considered an important step to enable the Ministry of Heritage and Tourism to achieve its goals in the sector, and to create new opportunities for ambitious youth and entrepreneurs, to achieve their aspirations into successful projects that can contribute to creating new job opportunities, as well as increasing the investment volume in the tourism sector.
In coinciding with the launching of Oman Future Fund, and in line with the objectives of this fund in evaluating projects in accordance with commercial bases, the Minister pointed out that MHT immediately began setting comprehensive criteria for evaluating projects that are eligible for financing, taking into account the strategic importance of the project, its location, elements of sustainability, operation, its total cost of investment, its added value, local content, implementation plan, innovation, and the possibility of linking the project vertically and horizontally with supply chains, intertwining with other sectors, and the transferring of knowledge as well.
Salim bin Mohammed al Mahrouqi, Minster of Heritage and Tourism, said that the directives of His Majesty to establish the fund represent a strategic path to strengthen the constant national endeavors towards achieving the vision objectives to build a diversified and sustainable economy. He also pointed out that, launching a national fund of this level will be an effective tool in financing tourism investment, and contributes to overcoming the challenges facing investors in this sector, accelerating the implementation of projects in a way that supports the building of a diversified and integrated tourism sector.
He emphasized that the establishment of this fund will also be considered an important step to enable the Ministry of Heritage and Tourism to achieve its goals in the sector, and to create new opportunities for ambitious youth and entrepreneurs, to achieve their aspirations into successful projects that can contribute to creating new job opportunities, as well as increasing the investment volume in the tourism sector.
In coinciding with the launching of Oman Future Fund, and in line with the objectives of this fund in evaluating projects in accordance with commercial bases, the Minister pointed out that MHT immediately began setting comprehensive criteria for evaluating projects that are eligible for financing, taking into account the strategic importance of the project, its location, elements of sustainability, operation, its total cost of investment, its added value, local content, implementation plan, innovation, and the possibility of linking the project vertically and horizontally with supply chains, intertwining with other sectors, and the transferring of knowledge as well.