Economic Forum for Investment Opportunities in A’Duqum
By staff - Wed May 25, 8:59 am
Muscat, May 24 (ONA)- Darwish bin Ismaiel al Balushi, Minister Responsible for Financial Affairs said that the total investments in A’Duqum Economic Zone is expected to hit $10-15 billion in the coming ten years , as per the initial plan. The refinery and petrochemical industries complex expected to be among the first investment projects to be set up in A’Duqum.
This was cited at the speech he delivered while patronizing over the opening of the Economic Forum for the Investment Opportunities in the A’ Duqum Economic Zone, which was organized by Oman Chamber of Commerce and Industry at Barr Al Jussah Hotel today in collaboration with the Supervising Committee on the wilayat of A’ Duqum development project.
He expected that A’Duqum Economic Zone will contribute 5-8% of the GDP for non oil sectors by 2020 and that it will generate between 15-20 thousand direct and indirect jobs during the next 10 years.
He affirmed that A’Duqm Economic Zone that has the potentials for success, will have a pioneering position in the field of manufacturing industries field. It will also provide conducive investment environment for local and foreign investors as well.
The Minister added that the government is currently making necessary arrangements to set up an authority that will be in charge of managing and organizing the zone. It will also develop the legislations and bylaws on investment, the incentives, facilities and land usufruct. It also develops the legislations and bylaws for issuing licenses, the work rules and regulations, in addition to, preparing the comprehensive plan for marketing and promoting the zone.
He also pointed out that a strategy has been developed to set up an integrated economic zone that includes multi purpose commercial port, ship repair dry dock, an international airport, vast areas for the industrial and fish industries, logistic services center in addition to a modern city with a nearby tourism area that serves as a model for contemporary urban planning that maintains the Omani architectural design, environment and community health.
He pointed out that the zone has been provided with the vital utilities, such as, the different infrastructure like roads , electricity , water and communication devices which have been set up as per the best international standards. The railway project will also contribute to link the economic zone with the rest regions in the Sultanate and the neighboring countries. He pointed out that the investment cost of the projects that will be implemented by the government in the A’ Duqum Zone now stands at RO.1.6 billion.
At the end of his speech, Darwish bin Ismaiel al Balushi invited the private sector companies and establishments, as well as, Omani investors to benefit from the investment opportunities in the different economic fields by activating the real partnership between the private and public sectors to develop A’Duqum zone to achieve welfare and prosperity for our country under the wise leadership of His Majesty Sultan Qaboos bin Said.
Khalil bin Abdullah al Khunji, Chairman of Oman Chamber of Commerce and Industry (OCCI) delivered a speech where he said that the A’Duqum Economic Zone project will have major economic impact on the Sultanate in general and the foreign trade, investment, industry, tourism and fisheries sectors in particular.
He added that the seminar organized by OCCI about the investment opportunities in A’Duqum Fishing Port pointed out that the fisheries sector will generate a large number of job opportunities in the different fields which serve the development process in the country and ensure good living for Omanis, Moreover, the companies and establishments, which develop the zone, will develop training programmes for the national cadres and take part in implementing major projects that serve and develop the community.
He pointed out that OCCI intends to open an office in the region, especially its importance and economic role is gaining momentum and thrust. The office will provide OCCI services to OCCI affiliates and the private sector representatives at the nearest economic zone.
The programme of the forum included four working papers, the first of which was about the ongoing and future projects as part of A’Duqum development projects. The second working paper covered A’Duqum Port and investment opportunities in private sector with A’Duqum Port Company. The third working paper gave an overview on the dry dock project, the business opportunities with it, the private sector investment with Oman Drydock Company (ODC). The fourth working paper covered the economic vision of A’Duqum Project, the investment opportunities in A’Duqum and the incentives provided to the private sector.
The he consultant of the project will deliver a working paper on the economic vision of the projects and incentives offered to the private sector.
The Economic Forum for Investment Opportunities in A’Duqm Economic Zone was attended by a number of ministers, undersecretaries, public and private officials, Omani businessmen and foreign investors.