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Over RO348mn foreign investment in Musandam

7 Aug 2021

More than RO348mn inforeign investment has been reported in Musandam at the end of June, according to the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).

Mohammed bin Abdullah al Shehi, director of the ministry’s directorate in Musandam governorate, said, ”The number of foreign investment companies in Musandam has reached 146, with capital amounting to RO348,962,500 at the end of June 2021. The number of commercial records that were registered in the governorate were 154 and industrial licenses 159  in 2020.”

He added, ”The ministry has launched automatic licensing service in the governorate with the aim of creating an investment climate in the sultanate in implementation of Oman Vision 2040.”

Referring to the ministry’s efforts in this direction, Shehi said,  “The ministry recently updated the foreign capital investment law. Additionally, in April this year, the ministry launched 50 investment opportunities in the industrial sector, including a number of opportunities available in Musandam governorate. 

“The commercial, industrial and investment components of Musandam vary, which will contribute to attracting local and foreign investments and creating sustainable economic development in the governorate,” Shehi said.

Musandam’s renowned natural features include the Najd, Shamm, Al Hablain and Ghab Ali creeks. Besides diverse interesting formations of coastal rocks, there are many islands scattered across the governorate, including the Al Teer and the famous Telegraph Island. 

Among its beaches, Qada, Mokhi, Bassa, Hyout and Hill are big draw for tourists. Jebel Hareem, the tallest mountain – 2,087m – in Musandam is also a major attraction.

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