More than 20 countries take part in Sohar Investment Forum 2024

Sohar: More than 20 countries took part in Sohar Investment Forum 2024, organised by the branch of Oman Chamber of Commerce and Industry in the Governorate of North Al Batinah.

The opening ceremony was held under the auspices of HH Sayyid Fahr bin Fatik Al Said, in the presence of Royal Family members, government officials, private sector representatives, businessmen and investors.

Mohammed bin Suleiman Al Kindi, Governor of North Al Batinah, spoke about the investment incentives that abound in the Governorate of North Al Batinah. He pointed out that the governorate accounts for 16 percent of the Sultanate of Oman’s non-oil domestic product (valued at approximately OMR4.3 billion).

Reports show that the domestic product in the governorate grew by 16.3 percent  between 2021 and 2022, said Al Kindi. He added that the services sector’s volume makes up more than OMR2.65 billion, followed by the industrial sector OMR 1.5 billion and the agricultural sector OMR165 million.

Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, underscored the significance of opening local and foreign investments and consolidating their value in the local economy. This, she said, reflects the Ministry’s efforts to streamline procedures and support progress in economic growth through investments.

During the forum, 14 agreements were signed, among them six inked by Madayn with investors, for implementing projects in the industrial sector to the tune of OMR17.85 million.

The agreements included one worth $225 million inked with Sanvira Carbon company. The agreement provides for the setting up of a ready-made anode manufacturing unit at Sohar Free Zone (capacity: 300,000 cubic metres). This was in addition to 7 agreements signed by the Ministry of Housing and Urban Planning for leasing usufruct lands with an investment value of about OMR1,754,000.

A roadshow, opened on the sidelines of the forum, showcased the services of various government and private establishments operating in the investment sector.