MUSCAT: The Sultanate of Oman provides many incentives and facilities to attract foreign investments and pave the way for their success. Elie Rizk, President of the Lebanese International Company for Food Industries, stressed the importance of the role played by the competent authorities in the Sultanate of Oman to encourage foreign investment.
He said in an interview with the Oman News Agency (ONA) that he visited the Sultanate of Oman before the Covid-19 pandemic in response to an invitation by the Oman Chamber of Commerce and Industry (OCCI) to learn about the investment sectors and incentives that Oman offers to investors. The Lebanese businessmen delegation learned about the promising investment opportunities in various fields. He also reviewed the efforts made by officials and those in charge of government institutions concerned with stimulating and attracting investment and facilitating the necessary procedures for investors, including the investor residency programme and the facilities and incentives encouraged by the industrial, free and economic zones.
Elie Rizq, who holds an investor residency in the Sultanate of Oman, noted the potential of the Omani market for various economic activities, and said that he saw this through his experience in the 5-star restaurant sector and factories specialised in food industries, whether for production in the Omani market or re-export to markets close to Oman.
There are more than 55 Lebanese companies in Oman investing in a number of economic sectors, noting that the volume of investment in the food industry and contracting sector has so far reached more than RO 600 million, and there is a trend to attract global investments.
He pointed out that the investor is looking for a safe and stable environment, and that the Sultanate of Oman is currently classified according to the credit rating issued by international institutions at “BB+” with a stable future outlook, thanks to the measures taken by the government towards improving financial and economic indicators. According to the latest International Monetary Fund report, the economy in 2024, Oman will record the highest growth rate among the Gulf Cooperation Council countries, at 5.5 per cent.
He stressed that the government has taken good steps to reduce the state's public debt by rationalising spending and focusing on training and qualifying Omani youth.
The Sultanate of Oman needed to further promote and market its terrain, attracting and encouraging investment in various sectors. The Sultanate of Oman is the best country in the region with many incentives and attractions to invest, including the cost of operating, entering the market, taxes, fees and others. He also praised the facilities and incentives offered to industrial cities and human cadres that manage cities professionally and promote and market all tourism and investment components. — ONA
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