MUSCAT: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) will launch on Monday, January 17, the second package of investment opportunities in the industrial sector of the Sultanate of Oman.
The portfolio of new investment projects – envisioned under the Ministry’s Industrial Strategy 2040, has been assembled in cooperation with the Oman 2040 Vision Follow-up and Implementation Unit, Omani Investment Authority, Public Establishment for Industrial Estates (Madayn), Petroleum Development Oman, Nama Group, and Mazoon Dairy Company.
The event will be held under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion (MoCIIP), in the presence of a number of government dignitaries, ambassadors, business leaders, investors, and representatives of GCC chambers of commerce and industry.
In the first tranche, a total of 39 projects were identified for fast track approval and implementation. Of this figure, 27 projects have received 100 per cent funding commitments totaling $2.779 billion in investments. These pertain to the renewable energy, industry, mining, tourism, logistics and food security sectors.
According to Asilah bint Salem al Samsamiyah (pictured), Investment Promotion Under-Secretary at the Ministry, the project proposals have been identified as part of the Invest in Oman (National Investment Programme) initiative launched by the MInistry to support local and foreign investment in the industrial sector.
A technical committee, chaired by the Under-Secretary, meets on a weekly basis to ensure that the requisite approvals are facilitated for these fast-track projects.
Launched in March 2021, Invest in Oman national programme aims to strengthen and empower the private sector in leading economic development, notably by attracting investment and supporting export development – a key target of the 10th five-year plan (2021-2025).
“Through this fast track initiative, the Ministry has sought to accelerate the delivery of a number of investment projects by facilitating the issuance of the requisite licenses, allocating land, signing usufruct agreements, allocating or committing energy resources, and addressing requests for tax exemptions,” Al Samsamiyah said.
She further added: "The national investment programme is one of the accelerators of the first phase of the executive plan for Oman Vision 2040, in addition to the financial sustainability programme, to help catalyse the growth of the national economy. Through the rapid intervention of the technical committee, the delivery of investment projects can be speeded up in the Sultanate of Oman.”