The government’s food sector investment and development arm, Oman Food Investment Holding Company SAOC (OFIC), set up in 2012 as a government entity, has recently unveiled plans to invest around $1.2 billion (RO 433 million) in numerous strategically significant projects related to the food sector. Over the next six years, OFIC will invest in the food sector in order to secure the Sultanate’s food requirements.
Over the 2021- 2026 timeframe, the Sultanate’s integrated sovereign wealth fund, an affiliate of Oman Investment Authority (OIA), has eight varied projects in the pipeline for implementation. The announcement was made during a webinar on the theme, ‘Connecting Denmark to Oman’s Business Opportunities’, organized by Business Gateways International with the support of the Ministry of Commerce, Industry and, Investment Promotion.
The investments being envisioned in this first food-centric private equity fund in Oman are a countrywide vegetable and fruit retail distribution network, a camel milk farm project, a food logistics scheme, a dedicated coconut farm development and, a new vertical farming initiative. The other projects of OFIC for developing during this phase include a substantial expansion and integration of the Nakheel Oman date palm processing scheme and a new animal and aqua feed production facility.
OFIC has numerous competitive advantages; it currently has a well-defined strategy that is project-centric. OFIC is leading in imports and exports of food products. This government entity also has a varied and vast portfolio of food projects. OFIC has excellent global outreach with products exported to markets in Singapore, Pakistan and, Morocco. OFIC believes in public-private partnerships (PPP).
Some key projects launched under OFIC leadership include Mazoon Dairy and Al Bashayer. On the anvil is OFIC’s project launch of A’Namma Poultry, set to be one of the largest producers of white meat in the Sultanate.
One of the key growth strategies of OFIC is to secure the Sultanate’s food requirements. OFIC’s vision is to close the gap in the trade balance between imports and exports of food products. OFIC will be able to contribute to the diversification of the Omani economy and also to the GDP of Oman.