PEIE, BankDhofar join hands to boost investments in the Sultanate

20/02/2018 05:12 AST

The Public Establishment for Industrial Estates (PEIE) and BankDhofar signed on Sunday a Memorandum of Understanding with the aim of attracting foreign investment that will bring new industries, generate employment and industrialise the country further.

The agreement, which was inked during a visit by a delegation from BankDhofar to the head office of PEIE in Knowledge Oasis Muscat, was signed by Abdul Hakeem Omar al Ojaili, Chief Executive Officer of BankDhofar and Hilal bin Hamad al Hasani, Chief Executive Officer of PEIE.

Commenting on the agreement, Abdul Hakeem Omar al Ojaili said, "We are proud to sign the agreement with PEIE, which is the first of its kind in Oman. At BankDhofar, we believe in the importance of partnership between the private and public sectors to boost the national economy and enhance investment opportunities.

The partnership will contribute in fostering the attraction of foreign investment. Oman is a foreign investment attraction and we will collaborate our efforts to drive the growth of foreign direct investment inflow into the country, and enhance Oman's position as the best investment destination."

The MoU focuses on a joint marketing of PEIE and Oman as an investment destination, visiting and attending meetings when recommended by PEIE in Oman and abroad, integrating BankDhofar's account form with PEIE registration documents, and appointing a dedicated team by BankDhofar to handle PEIE relations.

Additionally, the bank shall provide needed support for institutions to establish their units at PEIE, among other incentives. Hilal bin Hamad al Hasani stated that through this MoU, PEIE aims at continuing to strengthen its fruitful and successful relations with the private sector in the Sultanate in order to realise PEIE's vision, which is to enhance the Sultanate's position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission in attracting industrial investments and providing continued support, through regionally and globally competitive strategies, good infrastructure, value adding services, and easy governmental processes.

During the visit, PEIE officials briefed the delegation on the objectives of PEIE which include attracting foreign investments to the Sultanate and localising the national capital; contributing to stimulating the private sector to achieve sustainable economic and social development; strengthening relations with the concerned authorities to ensure the overflow of investment process and overcome any obstacles faced by investors; reinforcing cooperation with related international and regional organisations to boost the exchange of experience, knowledge and techniques used; developing employees' skills and performance through a set of training programmes; contributing to creating new job opportunities; encouraging exports and the establishment of export industries, increasing the market share of locally manufactured products; and stimulating the economic sectors in the Sultanate including transport, tourism, banking, among other sectors.

The delegation was also familiarised with PEIE's investment arm - Shumookh Investment and Services SAOC. Established in 2010, Shumookh aims at developing infrastructure projects and encouraging investment in the industrial estates under PEIE.

The vision of Shumookh is to develop globally competitive industrial infrastructure in the industrial estates of PEIE and create the best environment for the growth of industries in Oman through the attraction of strategic partnerships to invest and implementation of diverse infrastructure development projects in the industrial estates pertaining to PEIE.

Among the projects implemented by Shumookh are the Facility Building in KOM and the students' hostel for the Middle East College in KOM. In addition, Shumookh supervises other projects, which include warehousing and logistics services project (under development), Facility Building in Rusayl Industrial Estate, hospital and school projects in the residential area in Rusayl, workers' housing in Sur Industrial Estate, and the commercial port project in Sur Industrial Estate.

It should be noted that the delegation visited Al Rusayl Industrial Estate, in addition to the National Business Centre (NBC), which is an initiative launched by PEIE at KOM to offer promising Omani entrepreneurs a platform to develop their business ideas and advance them into growing ventures.

Oman Daily Observer