Al-Hosn Investment to target key growth sectors in 2020
MUSCAT: Continuing its investment-driven growth model, Al-Hosn Investment Company (HIC) has announced that it would target key sectors like oil and gas, tourism and health care during this year.
As a closed joint-stock company, HIC’s focus has always been on vital economic sectors, and the investment agenda for 2020 follows suit. In tune with its larger objective of covering healthcare, education, food security, real estate, industrial, manufacturing, and technology. However, HIC is not limited or restricted in its operational network by the specified sectors, as its basic premise is to manage investments on a caseto-case basis.
HIC CEO Osama Mariam said, “For 2020, our intent is to place the stake in economically viable ventures that will boost the diversification of the local economy. We have identified key sectors like oil and gas, healthcare, and tourism. We believe the market is conducive for sustainable enterprises in these sectors.”
“As 2020 unfolds newer challenges and opportunities, we will help sustain the momentum with our expertise in the market. With tourism gaining ground in recent times, we will capitalise the upward trajectory by investing in firms that can strategically add to the ongoing ventures and create newer projects. We will follow through with our investments in innovative and sustainable projects that have a far-reaching impact on the local economy diversification plans,” he added.
The positive socio-economic environment within the country is expected to steer the proposed investment ventures of HIC in the right direction. According to recent reports from market research groups, oil and gas remain a pivotal driver of economic growth following an increase in proven reserves.
According to Arab Petroleum Investments Corporation’s Gas Investments Outlook 2019-2023, in the next five years, Oman’s gas production is expected to increase by 47bcma (billions of cubic metres per annum) from its current level of 40bcma. Likewise, on the tourism front, Oman’s Vision 2040 aims at developing the industry as a sustainable economic venture. Last year alone, 94 facilities joined the hospitality sector, and the Ministry of Tourism has released statistics that indicate its intent to add 2,159 rooms in the current year. The healthcare sector too is poised to experience a boost with investments pouring in to develop the industry.
HIC, which came into existence in 2007 as a partnership between Qatar Holding, a subsidiary of Qatar Investment Authority, and Oman Investment Fund, a sovereign wealth fund of Oman, has been creating newer avenues to add value to the diversification agenda.