Muscat: 'Nazdaher,' the National Programme for Investment and Export Development, has revealed promising results in Oman's investment sector, demonstrating significant progress achieved through the active collaboration of key stakeholders in the industry.
Over the past two years, the Nazdaher team has diligently partnered with both the public and private sectors to improve the business environment and effectively address various challenges faced by investors.
Moreover, the team has worked towards identifying investment priorities for different economic sectors, empowering them to reach their specific targets by 2025. Additionally, efforts have been dedicated to nurturing opportunities within each sector, ensuring they are thoroughly and seamlessly prepared for presentation to potential investors. The Nazdaher team has exerted considerable effort to enhance the foreign trade sector, with a focus on improving its performance and leveraging the strategic location of the Sultanate to establish it as a regional export and re-export hub.
Expressing his satisfaction with the achievements made in the business environment, investment sectors, and foreign trade development pillars of the Program, Khalid Al Shuaibi, President of Nazdaher, stated, "The program has achieved numerous milestones across various fronts. We are confident that Oman's investment ecosystem is now in a strong and competitive position globally. In the coming period, we will continue to implement several initiatives to maximize the outcomes of our efforts. Our focus will be on attracting desired investments in line with the specific targets set for each sector."
Currently, the achievement rate for non-oil sectors outlined in the tenth five-year plan stands at 68.9% of the investment target. This progress is evident in 305 projects, each valued at over OMR1 million. Efforts are currently underway to analyze and enhance various investment opportunities across different sectors. Nazdaher consistently presents a comprehensive and refined list of these opportunities on an interactive investment map on the Invest Oman platform, as stated by Al Shuaibi.
The Nazdaher program, initiated by the Oman Vision 2040 Implementation Follow-Up Unit and supervised by the Minister of Commerce, Industry, and Investment Promotion, began its operations in late 2021. It focuses strategically on three key pillars: the business environment, investment sectors, and the development of foreign trade. The program also oversees various tasks within its purview and responsibility.
In order to improve the business environment, the Nazdaher team has worked diligently to align all stakeholders within the investment sector. One of the significant initiatives undertaken recently was the establishment of the National Negotiation Team, which has the authority to negotiate and provide incentives and facilities to investors.
Additionally, the program played a crucial role in the inauguration of the Invest Oman lounge, which serves as a unified window for investors both within and outside the Sultanate. The team has also developed a unified investment incentives guide for all economic sectors, including free zones, special economic zones, scientific zones, industrial zones, and small and medium enterprises. This comprehensive guide serves as a valuable resource, offering detailed information about the diverse investment incentives provided by the Sultanate to potential investors.
The Nazdaher team has played a crucial role in overseeing the establishment of the Fast Track Team in collaboration with the Invest Oman team. This dynamic team is responsible for thoroughly investigating challenges faced by investors and designing innovative solutions to address them. Additionally, the Fast Track Team actively supports the government in making strategic decisions related to these challenges.
In addition, Nazdaher's team of business analysts has successfully developed the National Matrix for Investment. Notably, this program has obtained an intellectual property certificate for the matrix. For the first time, this matrix provides a practical analysis to assess the economic impact of investment projects in the Sultanate. It incorporates international best practices for evaluating the investment return on the Omani economy resulting from these projects.
Furthermore, the evaluation process includes measuring the employment opportunities created for Omanis, assessing the impact on the capacity of Omani ports, determining the benefits for small and medium-sized enterprises through project realization, and evaluating the extent of local purchases from the Omani market during both the construction and operation phases. This comprehensive analysis aims to assist decision-makers in determining the appropriate level of incentives for investment projects and providing the necessary support for their successful implementation.
In terms of foreign trade development, the Nazdaher team has successfully implemented the executive program for the Development of a Foreign Trade framework. This program aims to achieve international performance benchmarks. A total of 14 initiatives have been introduced to optimize the program's impact across three key pillars: developing exports, substituting imports, and maximizing the strategic advantages of the Sultanate's location to strengthen its position as a prominent re-export hub.
The Investment Targeting Team was recently established and began operating in the third quarter of this year. The team has developed a methodology based on economic data and indicators to identify target markets that align with the economic sectors to be promoted. They have also created a detailed work plan with specific outputs and a timeframe.
The team has successfully conducted over 100 meetings with potential investors, resulting in approximately 25 companies expressing interest in investing in Oman. Furthermore, discussions with six of these companies have progressed to advanced stages, and it is expected that these talks will lead to the signing of investment agreements in the near future.
Khalid Al Shuaibi concluded by expressing confidence in the initiative's ability to attract the necessary investments, which will contribute to comprehensive economic development and the achievement of Oman Vision 2040's objectives within the economic and development pillar. He expressed gratitude to all entities in the public and private sectors for their collaborative efforts and assured continued support and facilitation of a conducive environment for all stakeholders to collectively elevate Oman's position as a major investment destination on the global map.
