Sohar Investment Forum 2024 Draws Participation from Over 20 Countries
Sohar, The Gulf Observer: More than 20 countries actively participated in the Sohar Investment Forum 2024, a prestigious event organized by the branch of Oman Chamber of Commerce and Industry in the Governorate of North Al Batinah. The grand opening ceremony, held under the esteemed auspices of HH Sayyid Fahr bin Fatik Al Said, saw the presence of Royal Family members, government officials, private sector representatives, businessmen, and investors.
Investment Opportunities in North Al Batinah:
Mohammed bin Suleiman Al Kindi, the Governor of North Al Batinah, highlighted the enticing investment incentives within the governorate. Al Kindi emphasized that North Al Batinah contributes significantly to the Sultanate of Oman’s non-oil domestic product, constituting 16 percent (valued at approximately OMR4.3 billion). He further reported a remarkable 16.3 percent growth in the governorate’s domestic product between 2021 and 2022.
Sector-wise Contributions:
The governorate’s economic landscape showcases the services sector as the leader, contributing over OMR2.65 billion, followed by the industrial sector at OMR1.5 billion and the agricultural sector at OMR165 million.
Ministry’s Commitment to Economic Growth:
Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, highlighted the Ministry’s commitment to facilitating local and foreign investments, reinforcing their value in the local economy. Al Farooji emphasized the Ministry’s efforts in streamlining procedures to support economic growth through investments.
Key Agreements and Investments:
The forum witnessed the signing of 14 agreements, including six agreements between Madayn and investors, totaling OMR17.85 million for industrial sector projects. Notably, an agreement worth $225 million was signed with Sanvira Carbon company for the establishment of a ready-made anode manufacturing unit at Sohar Free Zone, with a capacity of 300,000 cubic meters. Additionally, the Ministry of Housing and Urban Planning inked seven agreements for leasing usufruct lands, with a combined investment value of about OMR1,754,000.
Showcasing Investment Opportunities:
On the sidelines of the forum, a roadshow was launched to showcase the services of various government and private establishments operating in the investment sector, providing a platform for networking and collaboration.
The Sohar Investment Forum 2024 proved to be a significant milestone in fostering economic growth and attracting investments to the vibrant Governorate of North Al Batinah.
