The Oman Investment Authority (OIA), the sovereign wealth fund of the Sultanate, has launched a new project to produce an alternative protein from dates in collaboration with US-based food ingredient company, MycoTechnology.
OIA and MycoTechnology have announced the establishment of ‘Vital Foods Technologies’ to complete the feasibility study of a large-scale production facility in Oman. This came as part of OIA’s role in attracting foreign investment, forming strategic partnerships, and bringing advanced modern technologies to the country.
The partnership was unveiled during the ‘Future of Food’ event organized by OIA and MycoTechnology which have already been subjected to multiple successful techno-economic studies. The event was attended by several senior government officials, senior corporate executives, representatives of companies and funds investing in the food sector, and MycoTechnology representatives. Attendees were served a Southeast Asian cuisine with dishes composed of alternative protein.
“This innovative project represents the benefits OIA can reap from international investments, whereafter it attracts its international partners to establish their projects in Oman and to transfer and bring advanced modern technologies to the country. Through its investment in the food production sector, OIA is exploring promising investment opportunities that can succeed in the backdrop of Oman’s climate and benefit the national economy.”
Under this partnership, OIA aims to boost food security, achieve national sufficiency, and attract international expertise to be used in local projects as well as to support economic diversity, create direct and indirect job opportunities and the growth of Omani SMEs.
The project is set to be the new investment in a line of OIA’s local investments in the food industry. In Oman, this vital industry is overseen by state-owned company Oman Food Investment Holding Company (OFIC).