Oman Investment Authority (OIA) has announced the launch of a new project to market vegetables and fruits in the Sultanate in cooperation with the Ministry of Agriculture and Fisheries.
The new integrated entity has been created under the auspices of Oman Food Investment Holding Company, a company affiliated to OIA. The project will specialise in marketing vegetables and fruits locally produced, in addition to the production of high-quality vegetables and fruits that are in high demand locally and overseas. The company aims to market 65 per cent of its products in the local retail and wholesale markets, while it will export 35 per cent of its products overseas.
This project comes within the framework of close and fruitful cooperation between Oman Investment Authority and the Ministry of Agriculture and Fisheries, which aims to encourage Omani farmers and small and medium-sized companies to market their products inside and outside the Sultanate. This step is considered a positive example of the cooperation between government institutions with investment agencies in the Sultanate and to encourage positive participation for the private sector investors as well.
The project aims to establish model farms in various governorates according to the comparative advantage, diversity of climates and environments suitable for the growth of various crops. The coordination with the Ministry of Agriculture and Fisheries is to build a production system aimed at achieving balance in local markets with a focus on replacing agricultural imports. In addition to offering high-quality products that offers the best alternatives to the consumer, produce organic vegetables and fruits, upgrade agricultural practices and build models for contract farming.
The project activities also focus on purchasing fruits and vegetables directly from farmers’ associations, agricultural companies, small and medium-sized companies and small farmers, and then sorting and packing them. The company’s trading unit will work to import fruits and vegetables throughout the year from different countries based on the demand of the local market, and to export surplus products overseas. Retail outlets will also be established in densely populated cities.
Total investment in the project is about RO 11.5 million, and the opportunity is accessible for private sector companies to contribute to the project in order to enhance the partnership between the public and private sectors, the Authority added.