Oman Food to invest $950mn in 23 new food-related ventures

By Shilpa Annie Joseph, Desk Reporter
  • Follow author on
Oman
Representational Image

The Oman Food Investment Holding Company (OFIC), the food investment and development arm of the Omani government, is planning to set up 23 new food-related ventures at a cost of around $950 million (RO 366 million) over the next five years (2022-2026).

The revelations came during a briefing by Oman Investment Authority (OIA) and its subsidiaries on their recent performance, as well as their growth strategies over the next five years. The briefing was held in the presence of business leaders and CEOs.

Presenting its outlook at the OIA briefing, Eng. Saleh al Shanfari, CEO of OFIC said that “the new investments will seek to unlock the food sector’s potential. Investments are also planned in tourism agreement, contract farming and other initiatives that promote job creation.” Once completed, these projects are expected to create 4,087 new jobs, the Group CEO added.

Mr. Abdulsalam bin Mohammed al Murshidi, President of the OIA, noted that “the business plans of the affiliated companies of the Authority are based on strategic principles, most notably the development of the governorates, creating business opportunities for Omani youth, as well as business opportunities for small and medium enterprises and local companies, as well as achieving financial savings.”

OFIC intends to launch six projects worth $184 million (RO 71 million) this year. “They pertain to the establishment of vegetable and fruit collection centers, animal feed production, cotton farming, expansion of the Mazoon Dairy project, completion of the Al Namaa Poultry Project and the Agriculture Project Tourist,” according to the reports.

Last year, the Group invested $305 million (RO 117.6 million) in various projects. “Seven of these ventures – spanning dairy, red meat, fodder, and grain – are in operation,” the company added.

Related: Oman Ministry & Blue Waters sign deals for two aquaculture projects


YOU MAY LIKE