Cairo: The Omani-Egyptian Business Forum was held within the framework of the visit paid by His Majesty Sultan Haitham bin Tarik to the Arab Republic of Egypt on Monday.
The forum highlighted investment opportunities available in the Sultanate of Oman and to strike economic partnerships.
Sultan Salim Al Habsi, Minister of Finance underscored that the forum will contribute to boosting joint economic action in accordance with the directives of the two countries’ leaderships.
Al Habsi added in his speech that there is a serious desire to establish firm partnerships in strategic economic sectors. The two sides are also keen to enhance investments and trade exchange in a manner that reflects the competitive advantage between the two countries in a bid to achieve economic integration.
Al Habsi added that Omani-Egyptian partnership can be set up on a greater base of integration between the two countries on the political, historical and cultural levels, as well as in economy, trade exchange and investment cooperation.
Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, gave an overview of Oman Vision 2040, national programmes and incentives offered to investors. Those incentives include reducing commercial registration fees and 50-year long usufruct contracts that can be renewed for a similar period, as well as full foreign ownership and tax exemptions up to 30 years.
The Minister of Commerce, Industry and Investment Promotion said that trade exchange between Oman and Egypt recorded an increase, to stand at $1.023 billion in 2022 compared to $566.1 million.
To break down the figures, he pointed out that the number of Egyptian companies licensed in Oman till the end of 2022 amounted to 1,546. Egyptian contribution amounted to approximately $208 million.
Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Promotion (OIA) said that OIA, through its strategic partnerships, boosts Oman’s efforts aimed at bolstering relations with Arab and friendly countries in a manner that serves the interests of all parties. OIA also works on introducing modern technologies to the local sectors.
Al Murshidi added that OIA manages its investments, which are distributed over more than 40 countries (including Egypt), through two portfolios. Those are the National Development Portfolio and the Future Generations’ Fund.
He noted that OIA works in an integrated manners with other government units to attract foreign investments to Oman. Recently, 36 investment opportunities were offered in the Invest Oman lounge.
Al Murshidi said that OIA has investments with Egypt’s private sector. He also expressed his hope that the visit of His Majesty the Sultan to Egypt will enhance joint investments.
Eng. Ahmed Samir, Egyptian Minister of Trade and Industry said that the two countries look forward to augmenting the rates of intra-trade and joint investments. The mechanisms of future work between the two sides include stimulating investment in light of the keenness attached by the two leaderships to expand the domestic and foreign private sector and benefit from the great investment potentials of the Egyptian market that contribute to alluring the Omani investor, added the minister.
He pointed out that the trade exchange between the two countries during the past year amounted to about $1.08 billion, compared to $651 million in 2021.
The Egyptian Minister explained that Omani investments in Egypt stand at more than $80 million in 110 projects in the sectors of industry, agriculture, tourism, construction, finance, communications and others, while Egyptian investments in Oman stand at $860 million in several sectors, including infrastructure, as well as real estate and tourism investment.
Dr. Mohamed Moait, Egyptian Minister of Finance delivered a speech during the event in which he underlined Egypt’s keenness to raise the economic, commercial and investment gains with the Sultanate of Oman to reach a level that meets aspirations of the two peoples. He pointed out that trade exchange between the two countries witnessed a great boom last year.
Dr. Hala El-Said, Minister of Planning and Economic Development lauded the historical relations binding Oman and Egypt.
Ayman Soliman, CEO of the Sovereign Fund of Egypt, stressed that one of the goals of the fund is to attract local and foreign investors in important sectors of the Egyptian economy in the fields of industry, technology and digital transformation.