Al -Jazeera Net Correspondents
The Sultanate of Oman concluded the work of the First International Investment Forum “Advannj Oman”, which was organized by the Ministry of Trade, Industry and Investment Promotion, with the participation of more than 250 personalities of senior officials, decision -makers and regional and international investors.
The two -day forum witnessed the announcement of new investments, the most prominent of which is the project to establish a factory for the production of cells and solar panels at a value of 217.3 million Omani riyals (564 million dollars), as part of the Sultanate’s tendency towards renewable energy.
The Undersecretary of the Ministry of Trade, Industry and Investment Promotion, Ibtisam bint Ahmed Al -Farouhia, confirmed that the forum was a vital platform to enhance economic diversification and attract specific investments in line with the future vision of the Sultanate.
She pointed out that the event brought together local and international investors, leaders of thought and economic decision makers, which contributed to exchanging experiences and exploring new horizons for growth.
She added that the sessions and bilateral meetings resulted in practical recommendations based on successful regional and global experiences, considering that the forum highlighted the map of investment opportunities in the vital sectors that are a pillar to support the Sultanate’s efforts towards growth and economic transformation.
Investing in renewable energy
At the conclusion of the forum, the JA Solar Energy Company signed a set of agreements with both “Invest in Oman”, Sohar Port, the Free Zone in Sohar, the Majis Industrial Services Company, to create a factory for the production of cells and solar panels on an area of 32.5 hectares, with an annual production capacity of 6 gigabytes for solar cells and 3 gigabytes for panels.
It is expected that the project will start operating in the first quarter of 2026, and this constitutes a strong boost for the Sultanate’s industrial strategy, and reflects the trend towards diversifying the economy and increasing the contribution of clean energy.
The Director General of Industry at the Ministry of Trade, Industry and Investment Promotion, Khaled bin Salim Al -Qasabi, emphasized that these agreements embody the directions of the Omani industrial strategy 2040, which attach future value -added industries a top priority, especially renewable energy, because of their importance in creating promising industrial opportunities, supporting economic diversification, and increasing the contribution of the industrial sector to the gross domestic product, in addition to enhancing sustainable energy options For the Sultanate.
An attractive investment environment
For his part, the Minister of Trade, Industry and Investment Promotion, Qais bin Muhammad Al -Youssef, explained, in his opening speech, that the forum comes at a time in which the Omani economy is witnessing an escalating momentum, as the Sultanate recorded a growth in foreign direct investment flows by 16.2% during the third quarter of 2024 compared to the same period in 2023.
The credit rating of the Sultanate also increased to the BP-with a stable look, according to Standard & Poor’s, with expectations to achieve growth in ALocal GDP by 3.4% this year.
The Minister stressed that these indicators reflect the durability of the national economy and the confidence of global markets, stressing that the forum represents an important addition towards consolidating the position of the Sultanate as a regional and international investment center.
As for the Secretary -General of the Gulf Cooperation Council, Jassam Al -Badawi, he saw that the forum reflects the seriousness of the efforts made by the Sultanate of Oman to diversify its economy and create an attractive business environment, noting that the current economic indicators are a source of pride for the Gulf states combined.
International success and interventions
The founder of the “Emaar Real Estate” company, Mohamed bin Ali Al -Abbar, praised the Omani investment environment, describing it as “safe and fruitful”, recalling his successful investment experience in the Sultanate more than a decade ago.
Al -Abbar stressed that the Sultanate has the ingredients, which makes it a distinct investment destination, calling for the promotion of marketing efforts to introduce investors to the opportunities available, especially in the tourism and real estate sectors.
For his part, the Chairman of the Board of Directors of the Chamber of Commerce and Industry, Faisal Al -Rawas, stressed the importance of the forum as a platform for strengthening partnerships between the public and private sectors, stressing that this event sends a clear message to investors that the Sultanate of Oman is open and welcomes all investments from different countries and sectors.
Dialogue sessions and future visions
The first day of the forum included 5 main sessions, discussing several axes, most notably the features of the future, major economic transformations and emerging technologies such as artificial intelligence, in which international ministers, business leaders and experts participated.
As for the second day, it included round tables and specialized sectoral meetings that collected decision makers with investors, and contributed to opening new communication channels and building qualitative partnerships in various fields such as tourism, logistics services, mining, food security, renewable energy, and information technology, which provided promising opportunities to enhance specific investments in the Sultanate.
