Oman Food to invest RO 366m in 23 new ventures

BUSINESS REPORTER

MUSCAT, APRIL 25

The Oman Food Investment Holding Company (OFIC), the food investment and development arm of the Omani government, says it plans to set up 23 new food related ventures at a cost of around RO 366 million over the next five years (2022-2026).

Presenting its outlook at the OIA briefing on Monday, the Group CEO Eng Saleh al Shanfari said the new investments will seek to unlock the food sector’s potential. Investments are also planned in tourism agreement, contract farming and other initiatives that promote job creation. Once completed, these projects are expected to create 4,087 new jobs, he said.

In 2022 alone, OFIC has plans to set up six projects at a cost of RO 71 million. They pertain to the establishment of vegetable and fruit collection centres, animal feed production, cotton farming, expansion of the Mazoon Dairy project, completion of the Al Namaa Poultry Project and the Agriculture Project Tourist.

Last year, Group investments totalled RO 117.6 million, with as many as 15 projects in various stages of development. Seven of these ventures – spanning dairy, red meat, fodder and grain – are in operation.