Ithraa’s newly-created Investment Promotion Working Group held its first meeting to assess the current status of investment opportunities in Oman. For the next two years, the Investment Promotion Working Group will focus its efforts on providing recommendations on how to grow Oman’s private sector and assist in the creation of new businesses.
The group consists of thirteen high-ranking representatives from public and private investment companies, commercial banks and funds and has been created to help enhance Oman’s investment climate and provide guidance on boosting Oman’s competitive business offer.
During its inaugural meeting, the group agreed on the organization’s structure and vision, as well as a process to submit initiatives to higher authorities for approval.
The group has developed a mechanism to analyze feasibility studies, identify potential investment projects and the necessary capital. The group will also focus on encouraging private sector involvement in social development initiatives and building relationships with the investment community.
Faris Al Farsi, Ithraa’s Director General for Investment Promotion, said, “Collaboration between the public and private sector is key to developing Oman’s investment climate. The collective expertise of the group is invaluable. Indeed, it has the potential to play an important role in helping take our business community on and up.”
Capital investment in Oman has experienced an upward trajectory in recent years, reaching nearly 32% of GDP in 2013. This figure is expected to reach 33% by 2016 and represents an increase of 7% since 2010. Oman currently ranks 25th in the world by investment percentage, according to International Monetary Fund report.
Ithraa has significant experience in connecting businesses with new suppliers, investors and customers and providing insights on how to overcome the challenges associated with entering new markets. Through Ithraa’s Investment Promotion Working Group we will be looking to leverage Oman’s international trade relations to the benefit of local businesses.
Eng. Hassan Ahmed Al Nabhani, CEO of the Oman Investment Fund, was elected as Chairman of the Investment Promotion Working Group and Sheikh Rashid Al Saadi, Chairman of Oman National Investment Corporation Holding, will serve as Vice-Chairman. Ithraa will be represented by Faris Al Farsi, Director General for Investment Promotion, who will advise the group in a secretariat role.
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