Oman's largest Arab foreign investor revealed

More sports Sunday 27/August/2017 21:07 PM
By: Times News Service
Oman's largest Arab foreign investor revealed

Muscat: United Arab Emirates (UAE) is the biggest Arab investor in Oman and the second largest foreign investor, according to government data, and its ambassador in Oman is looking forward to the future.
“The UAE invested up to OMR900 million in the Sultanate last year,” UAE Ambassador, Mohamed Sultan Al Sowaidi, said.
The development of the Sultanate’s ports has made Oman convenient for foreign investments, he added.
“The magnificent long coast is another point to consider, especially with the recent developments of ports, such as the Sohar Port and Duqm Port, which is very convenient in trade exchange and facilitates movement between both countries.”
In 2016, the top five foreign direct investors in Oman were the UK (OMR2.797b), followed by the UAE (OMR924.8m), Kuwait (OMR396.1m), Qatar (OMR314.8m), Bahrain (OMR302.6m), and India (OMR298.9m).
A major sector to be considered within the investments in the Sultanate is renewable energy. One of the recent investment projects by the UAE in Oman is the “Dhofar Wind Power Project.”
“This project will not only enhance investments in Oman, but also offset over 100,00 tonnes of carbon dioxide emissions, which will help in having a less polluted environment, both in Oman and within the region,” Al Sowaidi said.
“The Sultanate has no doubt an exceptional natural beauty and heritage richness. Oman is also a very close neighbour of the UAE. Not to forget to mention the good relations between both countries, which makes it very facile to exchange benefits,” added the envoy.
Tourism is another sector that the UAE finds highly attractive in Oman.
“It has a great landscape and historic heritage. For instance, Salalah is one of the highest recommended destinations in Oman. It is well known for its magnificent weather, especially in the autumn months. The mountainous terrain and coast views are always a very attractive reason for promoting tourism in Oman through the UAE and vice-versa, and possibly start planning trips to such places.”
The uncomplicated way of communication between both Oman and the UAE has made it easier for the exchange of good, and for investments.
“One can travel between both countries through land, sea or air. There are no restrictions in entering both countries. The strategic relations between the countries are very smooth and we always look for common benefits.”
One of the benefits for both countries would be the job opportunities for both citizens.”
The sectors that the UAE is mostly interested in inventing include tourism, oil, real estate, agriculture, and airports.
The UAE also retained its position as the main destination for the country’s non-oil exports in the first eleven months of 2016, according to Oman’s National Centre for Statistical Information.