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OCCI sets up international company to attract investments in Musandam

2 Jan 2022 By MOHAMMED TAHA

Muscat – The Musandam branch of Oman Chamber of Commerce and Industry (OCCI) has announced the setting up of Musandam International Investment Company. It is the largest Omani joint stock company in terms of the number of shareholders.

The Board of Directors of OCCI’s Musandam branch launched an electronic form on Sunday allowing shareholders to register with the company. Registration will be open for a month.

Speaking to Muscat Daily, Raed bin Mohammed al Shehhi, chairman of OCCI’s branch in Musandam, said, “The company aims to develop the private sector by creating a strong entity that leads the progress of the local economy in the governorate. It will become an investment source for the people of the province and maximise the local added value of the projects implemented and investment in many sectors that the governorate needs.”

The company will be the first closed joint stock company in the sultanate and all procedures for its establishment, registration of shareholders, electronic signature on legal documents and payments will be done electronically.

The company will target several projects, involving food security, natural resources, heavy equipment, contracting and building materials, fisheries, transportation and more.

In August 2021, the Ministry of Heritage and Tourism (MoHT) announced that it will allocate 31 plots of land in Musandam to attract foreign investment and signed usufruct agreements to set up three 3-star hotels in the wilayats of Madha and Bukha.

According to MoHT, Omran has recently implemented the first phase of an adventure centre in Musandam to set up a 1,800m zipline beginning from the top of a mountain at a height of 250m above sea level.

Other projects undertaken by MoHT in the northernmost governorate include a visitor centre at an archaeological site of Dibba with funding from OQ company. The project will also include a museum.

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