The Gulf Organization for Industrial Consulting (GOIC) participated in the “Investment Opportunities Seminar” in the Sultanate of Oman. The Seminar was organised by the Ministry of Commerce and Industry at Oman’s Chamber of Commerce and Industry to coincide with the celebration of Oman’s Industry Day and the presentation of the Sultan Qaboos Industrial Excellence Award to the best five factories this year. The seminar aimed at explaining some industrial opportunities and discussing best means to draw investments and support the industrial sector to contribute to the development of national economy.

The inauguration events were held under the patronage of His Excellency Engineer Ahmed Bin Hassan Al-Dheeb, Undersecretary of Oman’s Ministry of Commerce and Industry. His Excellency stated that the seminar was organised based on the recommendation of GOIC, the organisation that develops and carries out industrial studies for GCC countries. The Seminar discussed a number of investment opportunities that were studied by GOIC to be carried out in Oman. These opportunities were explained as preliminary studies to potential investors interested in investing in the industrial sector. The investors willing to invest were then advised to perform detailed studies as the initial figures were encouraging to carry out such investments in Oman.

Furthermore, Mr. Al-Dheeb talked about key measures taken by the Ministry of Commerce and Industry through Invest Easy Portal, a one-stop shop aiming at expediting procedures to attract capital. He explained the coordination between the Ministry of governmental entities in charge of licensing investment projects. His Excellency announced that several packages were completed, and that investors would be able to carry out their transactions through Invest Easy Portal, or via “Sanad” offices throughout Omani governorates without the need to visit the Ministry. He opined that this project would attract various local and foreign investments.

Moreover, Engineer Nahla Bint Abdul Wahab Al-Hamdiah, Director General of Industry at the Ministry of Commerce and Industry stated that the Ministry was keen to expand the industrial base, set up an appropriate investment environment and introduce possible opportunities all over Oman in order to achieve the goals of the proposed investment opportunities. The Ministry’s efforts focused on identifying vital projects capable of responding the needs of the local market and exporting operations and achieve economic diversification. She added: “This Seminar will be followed by meetings to introduce industrial investment opportunities in the Sultanate. These opportunities are the result of several studies prepared by GOIC, notably the methanol study, the study on investment policies and studies providing job opportunities for the labour force and the local content study.” Mrs. Al-Hamdiah explained that the Ministry was preparing a comprehensive national strategy for the industrial sector based on clear and well-studied foundations and in line with the plans and objectives of five-year plans and the 2040 strategy, mainly guaranteeing economic growth in the Sultanate and reducing dependence on oil as a source of national income. Thus, the government seeks to optimise the use of available resources and wealth and identify good local and international investment opportunities guaranteeing fair development of all governorates and the creation of new job opportunities for citizens.

 

 

GOIC’s paper

Dr. Atef Al-Juzali, Engineering Expert at GOIC, delivered a paper tackling industrial investment opportunities based on previous studies carried out by GOIC for the Ministry of Commerce and Industry. In 2013, GOIC had prepared a study on the methanol sector in Oman, followed by a special study of the local industrial content in 2014. This is how Oman’s investment opportunities were determined. He said five industrial opportunities were picked: Production of polyoxymethylene (POM), acetic acid, isocyanates (MDI), cold rolled products and ceramic tiles.
Dr. Al-Juzali stated in his paper that the five aforementioned opportunities were based on primary products that are produced or available in Oman such as methanol, benzene and ceramic. The combined overall capacity of these projects will be about 345000 tons per year with approximately 400 to 415 million USD worth of investments (153.7 to 159.4 million OMR).

GOIC expert explained that these projects will create 324 job opportunities and that the total surface needed is approximately 63,200 square meters. He added that these projects will increase the added value of locally manufactured products like methanol by 4.43 to 5.89. As to the added value of benzene, it would be about 7.2 times more according to 2014 prices. They will fulfil the need of the local market and part of them will be exported.

 

In addition to that, Oman Logistic Company presented a paper on the logistic area in Al-Batinah South Governorate.
Manufacturing industries in addition to transport, logistic services, tourism, fisheries and metallurgy are the main pillars of the 9th five-year development plan. Under its economic diversification strategy, the government of Oman seeks to develop the industrial sector by focusing on developing manufacturing industries and optimise the use of natural resources. Officials are expecting the 9th five-year plan to allow manufacturing industries to achieve high growth rates of about 6%. These endeavours aim at boosting many economic, social and development sectors benefiting from the variety of investment opportunities and factors throughout Oman’s governorates.