Muscat – To stimulate the economy and attract investors, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) launched 18 investment opportunities in the tourism and circular economy sectors worth more than RO1.5bn on Sunday.
The launch event was held under the patronage of H E Salem bin Muhammad al Mahrouqi, Minister of Heritage and Tourism, at Oman Convention and Exhibition Centre.
The investment opportunities are being offered in partnership with Muscat National Development and Investment Company (ASAS), Omani Tourism Development Company (Omran Group), Omani Environmental Services Holding Company (be’ah) and the Jabal Busher Heights Real Estate Development Company.
According to MoCIIP, the projects aim to attract qualitative investments in economic diversification sectors and create an appropriate environment for the success and development of new projects. ‘This is also to enable and motivate the private sector to invest and contribute to increase the proportion of foreign direct investment in the gross domestic product.’
H E Asila bint Salim al Samsamiyah, Undersecretary for Investment Promotion in MoCIIP, informed that the 18 investment opportunities include six in the tourism sector, worth approximately RO974mn, and 12 in the waste management sector worth RO528mn.
Projects to be implemented in the waste management sector include a biogas plant in Barka landfill. It will treat up to 150,000 tonnes of organic waste annually and produce 4-6mW of electricity and will be connected to the national grid.
Another project will see conversion of used cooking oil into biofuel for use in diesel vehicles. An electrical and electronic equipment recycling plant and a waste-to-energy plant will also be developed, besides projects to recycle glass waste and green waste.
On the occasion, Hashel Obaid al Mahrouqi, CEO of Omran Group, said that it is working to provide investment opportunities to local and international partners and attract leading brands in the field of hospitality, culture and entertainment to Oman.
He informed that the three projects proposed for investment by Omran include the second phase of the Yeti project, a business centre in Madinat al Irfan in Muscat to develop commercial facilities, and the Musandam Adventures project, which includes the establishment of an adventure centre, a marina and a hotel. The first phase of project will witness the inauguration of a zip line, which will open in 2022.
Sulaiman al Kindi, CEO of ASAS, said that the company is working on several projects, including the Al Raya complex project located in the Ministries District in Muscat. It will include the Royal Academy of Management, with capacity to accommodate 20,000 trainees annually.