Sultanate sees 13.3 per cent rise in FDI, touches RO 10 billion

MUSCAT, FEB 25 – Foreign investment in the Sultanate witnessed a noticeable increase in 2019. It exceeded by 13.3 per cent from the same period in 2018. It touched RO 10 billion. The Public Authority for Investment Promotion and Export Development (Ithraa), said this on Tuesday during a press conference held at Al Mouj Golf, Muscat. Addressing the gathering, Ishaq al Busaidy, Ithraa’s Director General for Marketing and Media, said the authority provided a number of facilities for investors to start their projects in the Sultanate, including facilitating approvals and licenses, and finding local partners.
“The year 2019 has been a year full of developments at the level of the legislative system for the national economy, including the issuance of an integrated package of laws that regulate doing business in the Sultanate. Foremost among them is the Foreign Capital Investment Law, which we hope, after being implemented this year, to
contribute in attracting more investments and to facilitate doing business and organising frameworks,” Al Busaidy said.
He added that Ithraa continues to enrich its work by introducing the Omani exporters to promising markets as well as promoting Omani non-oil exports, by participating in international exhibitions.
Al Busaidy also stressed the Authority’s continuous endeavour to market the fundamentals of the national economy locally and internationally to attract national and foreign capital.
Pointing out media’s role in creating and stimulating awareness, enhancing societal understanding of economic issues, and introducing developments in events and activities, Al Busaidy said: “Ithraa believes that media’s role goes far beyond that. The media is our main partner in promoting and attracting investment opportunities, and directing the attention of global investors to Oman as a unique destination for investment, residence and work.
“The media is also our main tool in supporting Omani industries and promoting them in various global markets. In fact, we see in Omani media what late Sultan Qaboos — May God rest his soul — foresaw in the speech on the occasion of 20th National Day, which confirmed that the media “is a partner in the construction process.” Azzan al Busaidy, CEO of Ithraa, stressed that the volume of the direct foreign investment in the Sultanate touched RO 10 billion in 2019, as 61 foreign delegations and investors from 25 countries visited the Sultanate last year.