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New investment company in Musandam to stimulate economic progress

20 Feb 2020

To attract investments, stimulate economic movement and create job opportunities, the Oman Chamber of Commerce and Industry (OCCI) is planning to establish Musandam International Investment Company.  

Speaking to Muscat Daily, Raed bin Mohammed al Shehhi, chairman of OCCI’s branch in Musandam, said, “We discussed with the government team to set up Musandam International Investment Company. We seek to make this company the largest Omani joint stock company in terms of the number of shareholders.  

“The company will form a strong entity that promotes the local economy and investment in the governorate. The project aims to develop the private sector by creating a strong entity that leads the progress of the local economy in the governorate. It becomes an investment container for the people of the province and maximises the local added value of the implemented projects, and investment in many sectors that the governorate needs.” 

Talking about the company’s commercial activities, Shehhi said, “Focus will be on profitability, risk and capital determinants through opportunities available to achieve the largest returns for shareholders. We are studying a range of opportunities in the fields of oil, gas and natural resources, heavy equipment, contracting and building materials, fish industry and food security, transportation, zone management and duty-free shops.” 

On the future plans, he said, “We aspire that the company will expand regionally and globally in the future and we will apply the best administrative and financial practices to protect the rights of shareholders and strengthen the internal management of the company, and develop its operating systems.  

“We will submit a tender to appoint a manager to issue the company’s shares, provided that the company’s subscription and registration procedures are completed in the second quarter of 2020.” 

 

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