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OCCI identifies 77 projects for RO900mn capital influx in N Batinah

29 Oct 2024 OCCI identifies 77 projects for RO900mn capital influx, 8,000 new jobs in N Batinah By OUR CORRESPONDENT

Muscat – The Oman Chamber of Commerce and Industry (OCCI) has pinpointed eight key sectors for investment in North Batinah governorate, forecasting a potential capital influx of RO914.2mn through 77 proposed projects.

If realised, these projects could generate over 8,000 job opportunities, underscoring the region’s economic potential, an industrialist said.

The OCCI made its observation public in a study conducted by Sultan Qaboos University. The study – reviewed by the chamber’s North Batinah branch on Sunday – outlined a series of strategic investment areas.

In the industrial sector alone, the study highlighted 19 projects that could attract RO66.4mn and create 1,420 jobs. The tourism sector emerged as another focus, with 12 projects projected to bring in RO48.7mn and 1,620 job opportunities.

Food security initiatives, listed among the potential investments, include 11 projects with a combined capital of RO17.2mn, offering 691 jobs. Health-related projects, totalling ten, are expected to attract RO14.3mn in capital and generate 504 jobs.

In the mining sector, eight projects with an estimated RO50.2mn in investment could lead to 1,190 jobs.

Further opportunities were identified in the technology sector, with seven projects valued at RO2.2mn and creating 105 jobs, and the logistics sector, which could attract RO696.8mn across five projects, generating 2,330 jobs. Additionally, five projects in the circular economy sector expects capital influx of RO18.4mn to create 410 jobs.

Mohammed bin Sulaiman al Kindi, Governor of North Batinah, stressed that Oman’s laws and regulations create an investment-friendly environment that promotes economic growth. He highlighted the region’s skilled labour market and developed infrastructure as key drivers of economic development, describing these factors as crucial in positioning North Batinah for growth.

Eng Saeed bin Ali al Abri, chairman of the OCCI’s North Batinah branch, explained that the study aims to align identified investment opportunities with the labour market, supporting Oman Vision 2040. “Our goal is to foster a diversified economy that is resilient to fluctuations in global energy markets,” he stated, underlining the importance of a welcoming investment climate to attract both local and foreign investors.

Dr Ashraf Musharraf, who leads the OCCI Chair for Economic Studies at SQU, presented a detailed analysis of North Batinah’s competitive advantages. “The governorate’s advanced infrastructure, including ports in Sohar, Suwaiq, and Shinas, as well as Sohar Airport and Sohar Industrial City, adds significant value to its investment appeal.”

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