Oman OCCI approves Omani-Bahraini JV company formation

By Arya M Nair, Intern Reporter
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The Board of Directors of the Oman Chamber of Commerce and Industry (OCCI), a public utility organization, has approved the establishment of a Omani-Bahraini joint venture company with a capital of $26 million.

The approval came at the Board’s sixth meeting for 2021, which was presided over by Engineer Redha bin Juma al Saleh, Chairman of OCCI, and was attended by shareholders from both chambers as well as investors from the two fraternal countries.

The Board also agreed to provide annual funding of $12,988 to the “Made in Oman” campaign. The initiative intends to help Omani products compete locally, regionally, and globally by supporting, developing, and expanding their presence.

The campaign is run by the Ministry of Commerce, Industry and Investment Promotion in partnership with the Authority of Small & Medium-sized Enterprises (SMEs) Development, Consumer Protection Authority, Madalyn and OCCI, as well as representatives from the business community.

OCCI said that the board is currently preparing a comparative study on the fees imposed on the private sector in Oman and the rest of the Gulf Cooperation Council (GCC) countries as well as putting forward some recommendations to strengthen the economy and empower the private sector. 

The meeting also discussed the aspirations of the private sector about the current circumstances and the policies taken by government units to support them.

The board also reviewed the importance of establishing a center for exhibitions and conventions in the Governorate of Dhofar. OCCI will also invest in various stock portfolios regionally and internationally. The meeting also approved initiatives for OCCI members, who hold “Riada” cards, by bearing 50 percent of the cost of participation in exhibitions organized by the chamber in Oman and abroad.

Related: Oman’s MDO takes 14.8% stake in Synergies Casting Oman