BUSINESS REPORTER
MUSCAT, JUNE 3
The Ministry of Heritage and Tourism (MHT) has praised the Royal directives of His Majesty Sultan Haitham bin Tarik for the launch of the Oman Future Fund with a capital of RO 2 billion. The new fund will enhance economic activity and encourage the private sector to enter into partnerships or finance viable investment projects in the sectors of economic diversification targeted by Oman Vision 2040, including the tourism sector.
In a statement, Salim bin Mohammed al Mahrouqi, Minster of Heritage and Tourism, said the establishment of the fund represents a strategic path to strengthen the constant national endeavors towards achieving 2040 Vision’s objectives to build a diversified and sustainable economy.
He added that a national fund of this scale will be an effective tool in financing tourism investment, and will contribute to overcoming the challenges facing investors in this sector, accelerating the implementation of projects in a way that supports the well building of a diversified and integrated tourism sector.
The fund is also 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 create new job opportunities, as well as increasing the investment volume in the tourism sector, he stated.
Following the establishment of the Fund, the Ministry has begun setting up a comprehensive matrix 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 value added, 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, Al Mahrouqi added.
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