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Sohar Investment Forum 2024 Kicks Off, Attracts Large International Turnout

Sohar Investment Forum 2024 Kicks Off, Attracts Large International Turnout


Sohar: More than 20 countries took part in Sohar Investment Forum 2024, organized 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% of the Sultanate of Oman’s non-oil domestic product (valued at approximately RO 4.3 billion).

Reports show that the domestic product in the governorate grew by 16.3% between 2021 and 2022, said Al Kindi. He added that the services sector’s volume makes up more than RO 2.65 billion, followed by the industrial sector (RO 1.5 billion) and the agricultural sector (RO 165 million).

For her part, Ibtisam Ahmed Al Farooji, Undersecre
tary 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 RO 17.85 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 RO 1,754,000.

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

Source: Oman News Agency