Food projects backed by OFIC top $1 bn in Oman

New investments in projects spearheaded by Oman Food Investment Holding Company (OFIC), the government’s food sector investment and development flagship, total around $ 1billion, underscoring the robust attention according to the nation’s food security goals.

OFIC, which was formally brought under the auspices of the newly created Oman Investment Authority (OIA) last week, currently has stakes in as many as 11 food-related ventures and enterprises. The lists include Oman Flour Mills Company, Oman Fisheries Company, Oman National Livestock Development Co, and Oman Food International, which are partly government-owned.

Having successfully launched its first food security project under the OFIC umbrella – the $259 million Mazoon Dairy Company in Al Buraimi Governorate – last year, the holding company is now advancing a string of equally strategic ventures in various locations around the Sultanate.

Slated for commercial operation this year are Al Murooj Dairy, a $49 million first-of-its-kind milk collection scheme under implementation in Dhofar Governorate; and the $96 million Bashayer Meat Company, located in Thamrait Wilayat also in Dhofar Governorate.

In Ibri Wilayat (Al Dhahirah Governorate), OFIC is on track to the country’s biggest poultry project – the $259 million A’Namaa Poultry Company – in 2021. Also set to be operational next year is Oman Dates Production and Packaging, a $72 million venture located in Barka.

Lined up for launch in 2022 is a first-of-its-kind initiative that will herald Oman’s foray into veterinary pharmaceuticals. National Veterinary Vaccines Co is proposed to be set up with an investment of $46 million. Also due to come on stream that year is Oman Oilseeds Crushing Co, a project under construction in Sohar Port with an investment of around $98 million.

Rounding off the list of investments under OFIC’s current portfolio of projects is International Seafood Company, a $109 million venture to be located in Duqm in Al Wusta Governorate.