The Ministry of Commerce, Industry and Investment Promotion, in cooperation with the government and private sectors, unveiled at Oman Convention and Exhibition Centre on Sunday a total of 18 investment opportunities of an aggregate investment volume of over RO 1.5 billion. These opportunities are concentrated in the tourism and circular economy sectors.
These opportunities, details of which will be made available via the “Invest in Oman” platform, pertain to recycling waste electrical and electronic equipment, a biogas plant to produce electricity and heat, fertiliser production, waste-to-energy plant, recycling of used cooking oil, glass waste, green waste, waste paper, cardboard, copper and aluminium scrap and fish waste. The list also includes a lead-acid battery treatment project, while other investment opportunities pertain to the tourism initiatives in various governorates of the Sultanate of Oman.
Sunday’s event was held under the auspices of Salim bin Mohammed al Mahrouqi, Minister of Heritage and Tourism. He affirmed that these proposed projects represent an integrative and promising model. They are the first group of many investment opportunities, particularly in the tourism sector, which are estimated at more than RO 15 billion during the next 20 years.
He added that these projects represent the starting point for building a solid base for the tourism sector and the addition of a diversified dimension to the national economy. It is expected that these projects will be completed within the next four years.
For her part, Asila bint Salim al Samsamiyah, Under-Secretary for Investment Promotion, said these investment opportunities include six initiatives in the tourism sector with an investment volume of approximately RO 974 million, as well as 12 opportunities in the circular economy sector for waste management with an investment volume of RO 528 million.
She pointed out that the move comes as part of the ministry's efforts to identify investment opportunities in partnership with the Muscat National Development and Investment Company (ASAAS), Oman Tourism Development Company (Omran), Oman Environmental Services Holding Company (be'ah) and Jabal Bausher Heights Real Estate Development Company. She explained that for some investment opportunities, feasibility studies and market assessment studies are required.
Eng Hashel bin Obaid al Mahrouqi, CEO of Omran Group, said that the Group is working to provide investment opportunities for local and international partners and to attract leading brands in the field of hospitality, culture and entertainment to the Sultanate of Oman.
He pointed out that the three projects proposed for investment by Omran are represented in the project to implement the second phase of the integrated tourism project "Yiti", the business centre project in Madinat Al Irfan in Muscat to develop commercial facilities within the masterplan for the eastern side of the city, and Musandam Adventures project, which includes the establishment of an adventure centre and a marina and hotel. The first phase of the same project will witness the inauguration of the zip line, which will be opened in 2022, forming a starting point to enhance tourism experiences and products in the Governorate of Musandam.
Sulaiman bin Ahmed al Kindi, CEO of ASAAS, said that the company is close to completing the multi-use Al Raya Complex project in the Ministries District in the Governorate of Muscat. He added that the project is one of the major public-private partnership projects. Integrated operations are expected to start in March 2023, so that the market will be one of the historical markets and tourist destinations in the Sultanate of Oman.
Al Kindi added that the company is maintaining cooperation with Omran Group to develop the Bassa Tourist Beach in the Wilayat of Khasab, which includes a walkway, a park and shops. He also said that the company is also developing Al Sharq project in the Wilayat of Barka in the Governorate of South Al Batinah. This project includes recreational park, a zoo and aqua park with international specifications, as well as a commercial area, an educational and entertainment centre, a residential area, and two hotels (3 and 4 star) with more than 500 rooms. (With inputs from ONA)
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