OCCI plans SAOC entities in key governorates

MUSCAT: Oman Chamber of Commerce and Industry (OCCI) is exploring options to establish closed joint stock companies (SAOC) in a number of governorates of the Sultanate of Oman with a view to developing promising economic sectors in these areas.

According to Eng Redha bin Juma al Saleh, Chairman of the Board of Directors of OCCI, the Chamber is currently undertaking studies to establish these entities in Al Buraimi and Musandam governorates, among other areas. These efforts are in an advanced stage, he noted.

Also as part of its broader goals, the Chamber plans to establish investment and commercial partnerships with brotherly and friendly countries. This goal is exemplified by the recent establishment of the Omani Bahrain Investment Holding Company with a capital of RO 10 million. Owned 50:50 by business houses from the two countries, the company will seek to promote invest food security and other sectors in line with Oman Vision 2040 objectives.

Likewise, a study is also underway for the establishment of a trade and investment partnership with the Kingdom of Saudi Arabia, Al Saleh said.

The Chamber, he said, is making great efforts to attract new investments to the Sultanate of Oman by organising visits by trade delegations and hosting bilateral meetings between Omani businessmen and their counterparts from brotherly and friendly countries. (With inputs from ONA)