Oman a promising destination for Saudi investors

Muscat: Oman is a promising investment destination across a number of sectors, say Saudi businessmen looking to set up operations in the country.

With Oman offering plenty of investment opportunities in multiple fields, including tourism, fisheries, energy, and industry, businesses that plan on expanding into Oman hope they can enter into agreements with Omani partners that will lead to both of them thriving.

“Oman has many key areas for investment, and we hope the recent meetings and visits held between our countries will be followed by genuine investment,” said Yasser bin Abdulaziz Al Misfer, a senior communications advisor at Olayan Financial Company.

“The Saudi investor is looking to facilitate legislation and procedures related to investment, incentives and support that will enable them to invest with ease across various economic fields, especially in the petrochemical sector,” he said.

Adding to this, Saad bin Abdullah Al Khalif, the chairman of the Board of Director of Al Khalif Group, said there is consensus in the visions of Oman and Saudi Arabia, which has led to both countries to seriously pursue integration and close cooperation.

“There are many promising opportunities for Saudi businesses to pursue in Oman across several sectors, including tourism, fisheries, and oil,” he said. “Al Khalif Group views Oman as a promising investment destination, particularly in terms of the many opportunities in the oil and industrial sectors.”

During a recent forum organised for Saudi companies to meet with their Omani counterparts, Saad Al Khalif was able to meet with many Omani businessmen who were keen on participating in joint ventures with his company in the future.

In this context, Dr Nouf bin Abdulaziz Al Ghamdi, a member of the Omani-Saudi Business Council, added that economic cooperation between the two countries dates back many years, and enjoys the support of the leadership of the two nations.

“The visit of the Saudi Minister of Investment Khalid bin Abdulaziz Al Falih and his accompanying team was successful, leading to the signing of a number of memoranda of understanding in the field of investment promotion and economic cooperation,” she said.

During the recent visit, the Saudis were also acquainted with the investment opportunities present in Oman’s industrial cities and its Special Economic Zone at Duqm. Industrial development in Oman, she added, is also considered a vital field for development and investment.

“The most important investment sectors targeted are the oil and gas, petrochemicals, renewable energy, food and animal security, technology, transportation, transportation, logistics, banking, insurance, financial institutions, innovation, entrepreneurship, knowledge, construction, contracting, health and educational services,” added Al Ghamdi.

In keeping with joint investment in Oman, a study to establish a joint company between Oman businessmen and their Saudi counterparts is underway, said Nasser bin Saeed Al Hajri, the head of the Saudi representation at the Omani-Saudi Business Council.

This organisation – called ‘The Gulf Company’ – is expected to specialise in the field of petrochemical and chemical manufacturing. Speaking to Oman News Agency (ONA), he said, “Saudi investors want to invest in Oman in the fields of basic petrochemicals, manufacturing, specialised chemicals, mining, food, marble, logistics, fish farming, tourism and real estate.

“They have a sincere desire to invest, provided there is development and improvement of legislation and regulations,” he added. “It is also hoped that investment procedures are easy and more attractive to Saudi investors, so that they get more incentives and facilities than they do back home, such as support, government funding, and easy access to loans.”

Al Hajri was also of the opinion that the Saudis’ visit to Oman had come at the right time, enabling them to get a good look at the economic zones and free zones. Of particular interest to him was the visit to Duqm, where the Saudis were able to see the achievements and developments that have taken place since their last visit in 2018.