Muscat – With an aim to stimulate the economy and attract investors, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has launched 18 investment opportunities in the tourism and circular economy sectors for waste management projects worth more than RO1bn.
The launch event was held under the patronage of H E Salim bin Mohammed al Mahrouqi, Minister of Heritage and Tourism at the Oman Convention and Exhibition Centre (OCEC) on Sunday.
The launch of these investment opportunities was held in partnership with the Muscat National Development and Investment Company (ASAS), the Omani Tourism Development Company (Omran), Omani Environmental Services Holding Company (Be’ah) and the Jabal Busher Heights Real Estate Development Company.
MoCIIP launched the opportunities in cooperation with the public and private sector, in the tourism and circular economy sectors for waste management projects.
The projects aim to attract qualitative investments in economic diversification sectors and creating an appropriate environment for the success and development of investments. This is in addition to enabling and motivating the private sector to invest and contribute to increasing the proportion of foreign direct investment in the gross domestic product.
H E Asila bint Salim al Samsamiyah, Undersecretary for Investment Promotion in MoCIIP, said, “During the past year and early this year, the ministry launched a number of investment opportunities in the industrial sector, and it also activated several incentive programmes for investors.
H E Asila, said, “Out of the 18 investment opportunities, six are in the tourism sector with an investment volume of approximately RO974mn and 12 investment opportunities are in the circular economy sector waste management worth RO528mn.”
The ministry will soon launch the Importers Directory Service. It will provide a database of global importers in more than 180 countries around the world. The service aims to facilitate exporters, institutions and commercial companies operating in the sultanate to increase the volume of their exports to various countries of the world.
MoCIIP said that some of the projects that will be implemented in the waste management sector will include many projects such as a biogas plant which will be allocated in Barka landfill. It will treat up to 150,000 tonnes per year of organic waste and produce about 4-6 megawatts of electricity that will be connected to the main network or use it in households or provide it as a source of energy for others.
Other projects include a project which focuses on converting used cooking oil into biofuel for use in the diesel fleet, construction of two Waste Electrical and Electronic Equipment (WEEE) recycling plant and the establishment of a waste-to-energy plant.
The investment opportunities also include a project to recycle glass waste for green waste recycling.
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