PFD programme pulls in over RO 44m in domestic and foreign investments

Commitments made by foreign companies through the Partnership for Development (PFD) programme have translated into vital projects involving local and foreign investors from around the world, according to the Omani Authority for Partnership for Development (OAPFD). They include six operational projects and 11 projects that are in the preoperational phase entailing a total domestic investment of RO 44 million supplemented by a foreign investment component of RO 5 million.

Dr Dhafer bin Awad al Shanfari (pictured), Chief Executive Officer, said: “The Partnership for Development Programme is an important economic tool. It is committed to obligating all foreign companies and institutions that have signed government procurement contracts worth more than RO 5 million, and to open up new markets for Omani exports and industries through the commercial relations and facilities available to foreign contractors. Therefore, the successful implementation of the programme will contribute to the country’s economic development.”

The Authority seeks to increase the volume of its investments by increasing the percentage of the commitments of the Partnership for Development and facilitating the controls and mechanisms of applying the programme to attract foreign investors to establish new projects in the Sultanate and create partnerships with the private sector and local investors to enter as a main partner in the project. In particular it seeks to raise the contribution of the private sector in the development of the national economy.

“The strengthening of the investment sector in the Sultanate is one of the objectives of the Authority, which is being strengthened through the establishment of new projects that add value to the local economy and attract qualitative investors from around the world and local investors alike,” said Ali bin Rashid al Shehhi, Investment Advisor.