invest in oman

Oxford Business Group signs Memorandum of Understanding with Abu Timam Grant Thornton for forthcoming report

Oman’s efforts to boost foreign investment by increasing the country’s competitiveness and making it more business friendly, particularly at its free zones, will be explored in detail in a forthcoming report to be published by the global publishing, research and consultancy firm Oxford Business Group (OBG).

The Report: Oman 2013 will provide wide-ranging coverage of the extensive infrastructure projects under way and in the pipeline, which are expected to play a major part in driving private sector growth. It will also put the many regulatory and legislative changes taking place in Oman under the microscope, including the recent introduction of Sharia-compliant financing.

OBG has signed a Memorandum of Understanding (MOU) on research facilities for a fifth consecutive year with Abu Timam Grant Thornton in preparation for the Group’s new project. Under the MOU, OBG will have access to the firm’s expertise and research resources which will be used in the compilation of the Tax Chapter of The Report: Oman 2013.

Abu Timam is the Omani arm of Grant Thornton International, the global professional services network of independent member firms which provide accounting, taxation and business advisory services worldwide.

Muscat: Public Establishment for Industrial Estates (PEIE) hosted yesterday (Monday) a high-profile delegation from Japan Cooperation Centre for the Middle East (JCCME),who is currently on a visit to the Sultanate to be acquainted with the investment opportunities in various fields.

The delegationcomprised Mr. Iwane Iwata, deputy managing director, and Mr. Takashi Oya, investment advisor,who were briefed about PEIE and the industrial estates pertaining to the organisation, besides the facilities offered to local and foreign investors.

The Japanese delegation was received by Eng. Musallam Al Shehri, Assistant Chief Executive Officer of the PEIE for Operations, who highlighted the role of PEIE in attracting industrial investments and providing continued support, through regionally and globally competitive strategies, high-quality infrastructure, and value-adding services, and enhancing Oman’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence. They were also introduced to the main services and facilities offered by the Knowledge Oasis Muscat (KOM), the Sultanate's lone IT Park, for the companies operating in the information technology sector and the educational institutions functioning within KOM.

Since the establishment of Al Buraimi Industrial Estate in the wilayat of Al Buraimi in 1998, the Industrial Sector in Al Buraimi Governorate witnessed impressive leap in terms of the number of factories and industrial installations; thanks to the government's support and care.

Al Buraimi Industrial Estate, which comes under the Public Establishment for Industrial Estates, plays an important role in boosting the economic, industrial and commercial activities in the Governorate in particular and the Sultanate in general, through attracting foreign and domestic capitals to invest in the industrial sector, besides diversifying resources of income.

The Estate plays an important role in availing job opportunities for Omani job seekers and meeting the needs for high quality local products at affordable and competitive rates.

Al Buraimi Industrial Estate provides the required support to investors, such as infrastructure, strategic location, proximity to local and foreign ports; the Estate is only 100 km from Sohar and 100 km from Dubai in U.A.E. This encourages the setting up of joint ventures with Gulf investors.

The Estate, which stretches over 5, 5 million square meters (550 hectares) is divided into two parts. The first part, 2.5 million square meters, is dedicated to light industries. The second part, 2 million square meters, is dedicated to industrial activities. An additional one million square meter has been added as an extension for the second part.

Al Buraimi Industrial Estates provides scores of incentives to investors, such as tax exemption for five year renewable, exemption of custom duty on imports of tools, equipment, spare parts and raw materials, providing land plots for investors at encouraging rates, providing the infrastructure for electricity, water, telecommunications, road, lighting and canals for rain water discharge. It is also provided with other supportive services, such as cafes, restaurants and a branch for one of the banks, post office and a mini health centre.

Eng. Abdullah bin Salim al-Ka'abi, Director General of Al Buraimi Industrial  Estates pointed out that the estate has now 301 factories of which 155 are operational, 55  with capital investment over RO72 million under construction including auto, carpentry and steel workshops.

Al-Ka'abi affirmed that Al Buraimi Industrial Estate attaches great importance to Omanization and training of Omanis. The Omanization rate in the Estate stood at 30.6% as of the end of 2011. The number of workers in the Estate stood at 1485 including 454 Omanis working at the different administrative and technical specialties.

Muscat: The expansion of trade and commercial relations between the Sultanate of Oman and the Union of the Comoros may constitute a significant growth in the two countries.

This was stated by Dr. Fouad Mohadji, Vice-President of Comoros and in-charge of the Ministry of Production, Environment, Energy, Industry and Handicrafts, during his visit to the Public Establishment for Industrial Estates (PEIE) yesterday (Saturday) within the framework of his current visit to the Sultanate.

Muscat: Bahraini investors and businessmen hailed the excellent investment environment provided by the Public Establishment for Industrial Estates (PEIE). This was marked at the "Invest in the Sultanate of Oman" Symposium held yesterday (Tuesday) in Bahrain and organized by PEIE in collaboration with the Sultanate's Embassy in the Kingdom of Bahrain, under the auspices of Sheikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB).

The event was attended by HE Abdullah bin Mohammed Al Amri, the Sultanate's Ambassador to Bahrain, and Hilal bin Hamad Al Ahsani, CEO of (PEIE).
Addressing the audience, Al Amri emphasized the depth of relations between the Sultanate and the Kingdom of Bahrain and the development of these relations in various fields. "Thanks to the patronage of His Majesty Sultan Qaboos bin Said and His Majesty King Hamad bin Isa Al Khalifa of Bahrain," he noted.

Muscat: In cooperation with the Sultanate's Embassy in the Kingdom of Bahrain, the Public Establishment for Industrial Estates (PEIE) organizes today (Tuesday) a symposium titled "Invest in the Sultanate of Oman" under the auspices of Sheikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), at Ritz Carlton Hotel in Manama.

The event, which will also be attended by the Sultanate's Ambassador in Bahrain and Hilal bin Hamad Al Ahsani, CEO of (PEIE), aspires to highlight the investment opportunities available in the Sultanate. A number of papers will be presented by officials from PEIE, Special Economic Zone Authority in Duqm, Public Authority for Investment Promotion and Export Development (PAIPED) and the free zones in Salalah, Sohar, Al Mazunah, Sohar Industrial Port and Golden Hala Company.

February 21th, 2012:
In its biggest ever expansion drive outside of the UAE, the Abu Dhabi-based Ghantoot Group today announced that it will invest US$500 million in various projects in Oman’s hospitality, water and power sectors.

A top official for Ghantoot Group said that starting 2012, the Group plans to establish two power plants, three hotels and investment in other facilities in water desalination, transmission and distribution  and oil and gas projects aimed to benefit the Sultanate.

The first power plant, of 140MW capacity, will be set up in Ras Al Khaimah in the UAE to supply electricity exclusively to Musandam, in Oman, and adjoining areas, while another power plant, of 120MW capacity, will be set up in central Oman at a site to be finalised soon. When completed, the two plants will provide power to Omani consumers at a lower cost to the government.

Muscat, (ONA)--- By establishing the industrial estates, the Government of the Sultanate of Oman has sought to diversify the source of income and promote business environment in the Sultanate, avail employment opportunities for Omanis in addition to attracting local and foreign investment to nationalize it's projects.

The first industrial estate was established in 1983 at Al Rusail Industrial Estate in the Muscat Governorate which was inaugurated officially in 1985. Afterwards, many industrial estates were established in a number of governorates and regions of the Sultanate.

After the success of the experience, the Public Establishment for Industrial Estates (PEIE) was established via Royal Decree no. 4/93 with the aim of managing, operating and developing the industrial estates in the Sultanate now numbered by 8 namely Al Rusail, Sohar, Raysut, Nizwa, Sur and Al Buraimi, in addition to, the Information Technology Industry Estate, Knowledge Oasis Muscat (KOM) and Al Mazyounah Free Zone.