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Minister meets with investors to boost Oman's industrial sector

Business Wednesday 16/September/2020 17:27 PM
By: ONA
Minister meets with investors to boost Oman's industrial sector

Muscat: Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion met with industrialists and investors at Al Rusayl Industrial City.
The meeting aimed at discussing ways to enhance the Sultanate’s industrial sector, highlighting current obstacles facing the industrialists, and exploring mechanisms to advance the business environment in future and attract more local and foreign investments to be along the lines of the Manufacturing Strategy 2040.
The meeting was attended by Dr Saleh bin Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, Eng. Ridha bin Juma Al Saleh, Chairman of the Board of Directors of Oman Chamber of Commerce and Industry (OCCI), Hilal bin Hamad Al Hasani, Chief Executive Officer (CEO) of the Public Establishment for Industrial Estates – Madayn, and Eng. Said bin Nasser Al Rashdi, CEO of Oman Manufacturers Association.
Speaking at the meeting, Eng. Mohsin bin Zahran Al-Hinai, CEO of Al Rusayl Industrial City Company, stated that the total volume of investments in Al Rusayl Industrial City touched OMR733,705,584 at the end of 2019, marking a growth rate of 0.16 per cent compared to 2018.
“The number of the workforce in the industrial city increased to 21,725 during the same year, and the number of investing projects reached 334. Of these projects, 266 are operating, 47 are under construction and 21 have been allotted with spaces,” Al-Hinai said, adding, “The total area of Al Rusayl Industrial City amounted to 10,864,310 sqm during the same period, of which 6,698,757 sqm has been developed.”
Oman Investment and Development Holding Company (Mubadrah) is currently implementing several projects at Al Rusayl Industrial City. Phase (2A) at the industrial city was launched at a cost exceeding OMR32 million, in addition to the redevelopment and rehabilitation project of the entrances to Al Rusayl Industrial City and the introduction of new entrances at a cost of approximately OMR3 million. In addition, the logistics project has been completed at Al Rusayl Industrial City at a value of OMR1.5 million. Moreover, the company has begun preparing technical and consulting studies for the development of phase (2B) and rehabilitation of the entire old area, which extends to nearly 5 million sqm.
Qais Al-Yousef then toured Areej Vegetable Oils and Derivatives, which was established in 1982 with a total production capacity of around 9,000 tonnes per year and with only one production line. Of recent, the production capacity of Areej reached more than 240,000 tonnes per year.
Al-Yousef also visited Oman Fiber Optic, which was established to manufacture world-class optical fibre and optical fibre cables. He also visited the National Pharmaceutical Industries Company, which has been operating since 2001 by manufacturing world-class pharmaceuticals in its various facilities.