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Ithraa Oman, Deloitte sign investment plan agreement

Ithraa’s new plan will offer a series of actions to support and promote inward investment.

Ithraa, in partnership with Deloitte, is developing a pioneering plan to attract new levels of investment and talent to Oman. The important new plan will capitalise on Ithraa’s track record of attracting high profile investments from overseas that includes Vale’s $1.25 billion Sohar industrial complex; Sohar Aluminium’s $2.4 billion smelter; and Majid Al Futtaim Properties’ $380 million Muscat retail space.

“This new inward investment plan will further develop Oman’s already impressive credentials as a competitive business location and reflect the Sultanate’s growing credentials as a knowledge economy. It will take the success we have achieved to the next level,” explained Mr. Faris Al Farsi, Ithraa’s Director General for Investment.

“Despite the current global economic climate, we are seeing more high-skilled investment, investment across the board and from a range of different countries. This is very encouraging and will form strong foundations for the new plan,” he added.

The Director General went on to explain that tourism, manufacturing, construction, ICT, transport, mining, finance and retail are performing particularly well: “The investment government is making, especially in ports, airports, free zones, industrial estates, technology parks, roads and the railway is delivering results and attracting international capital, businesses, talent and visitors.”

Building on Oman’s strengths, Ithraa’s new plan will offer a series of actions to support and promote inward investment. These will range from: enhancing the current package of services for new investors, including support with recruitment, finance, local partner connections, property search and advice on housing and schools for investors and their families; identifying and engaging a target list of potential inward investors in key countries and cities; delivering a series of investor events to promote connections and opportunities between new and existing businesses; and strengthening ties with national and international partners.

Mr. Al Farsi concluded: “Ithraa works relentlessly to make more people aware of all Oman has to offer – not only is the Sultanate a great place to live and work, it also has a fantastic business environment that encompasses everything from affordable office space and a proactive, friendly business environment to outstanding talent and great transport links. This new plan will undoubtedly play an important part in helping us bring more investment and talent to this unique business location and help us promote Oman and its incredible opportunities to the world.”