Muscat – The Governorate of Buraimi has witnessed a remarkable uptick in foreign investments, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has stated. 

This year by October, the governorate registered a total of 777 foreign investment companies – from 177 in 2022 –  accounting for an impressive growth of 339%. This positions Buraimi firmly on the map as a rising economic hotspot.

Hamad bin Mohammed al Saeedi, Director of Department of Commerce, Industry and Investment Promotion in Buraimi, attributed this boom to the governorate’s forward-thinking investment strategies. 

Elaborating on the importance of collaboration in achieving this milestone, Saeedi said MoCIIP’s efforts aligned with those of the Governor’s Office. Additionally, active participation of both government and private sectors resulted in a unified vision to spur Buraimi’s growth. 

“Our strategy focuses on simplifying procedures, hosting annual events and initiating activities that energise the local economy,” Saeedi added. 

Foreign investment in Buraimi now stands at RO9mn in registered capital. “To attract foreign entrepreneurs, we’ve judiciously cut down investment-related charges,” Saeedi informed. 

The governorate now hosts 584 industrial establishments. The Department of Commerce, Industry and Investment Promotion is vigilant, overseeing all business-related activities from shops and gas stations to promotions and offers, ensuring compliance with legislations.

Shedding light on other significant figures, Saeedi informed that by the end of September, commercial records in Buraimi totalled 923.