CAIRO: An industrial investment agreement worth RO 1 million ($2.6 million) was signed on Monday at the Embassy of the Sultanate of Oman in Cairo between global company Zeinox and "Ladayn" programme of OQ Group.
Abdullah bin Nasser al Rahbi, the Sultanate of Oman's Ambassador to the Arab Republic of Egypt and Oman’s Permanent Representative to the Arab League, emphasised that the "Ladayn" programme represents a promising step in developing and attracting investments to the plastics industry sector. This enhances utilisation of Oman's abundant raw materials and reinforces industrial integration and expertise exchange between the countries.
Al Rahbi lauded the vital role undertaken by Omani and Egyptian business leaders as key pillars in strengthening bilateral relations and transforming them into practical projects. He noted both countries possess promising investment advantages and strategic geographic locations that create wide-ranging cooperation opportunities.
The ambassador highlighted growing interest from public and private sectors in both countries to explore partnership and investment opportunities, particularly in energy, petrochemicals, industry and maritime transport. He expressed hope these efforts would boost trade exchange and enhance shared economic growth prospects.
Al Rahbi stated that Oman's Embassy in Cairo operates according to economic diplomacy principles, a cornerstone of Oman Vision 2040 aimed at income diversification and establishing Oman as an attractive investment hub. This approach has opened promising horizons for investment opportunities and encouraged direct communication between institutions and business leaders from both sides.
The ambassador noted that qualitative partnerships achieved in recent years result from the embassy's ongoing efforts to promote investment opportunities, encourage joint investments and expand cooperation horizons - aligning with Oman's development vision and Egypt's economic orientation towards a productive, diversified investment-based economy.
Dr Shady El Zini, Board Member of Zeinox Global, stated establishing the company's factory in Oman will create job opportunities for citizens and provide high-quality products meeting local, regional and global market needs. He emphasised the project will benefit from Oman's exceptional investment components and incentives across various fields.
Eng Munther bin Saleh al Rawahi, Director of Ladayn programme at OQ Group, revealed the programme has signed 18 agreements to date with total investments exceeding $160 million. This achievement reflects OQ Group's commitment to supporting manufacturing industries, particularly petrochemicals, by empowering private sector and maximising utilisation of hydrocarbon derivatives, thus broadening industrial development prospects. - ONA
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