The Omani Ministry of Commerce held a meeting Feb. 4 at the Oman Chamber of Commerce and Industry to present new industrial investment opportunities in polyoxymethylene, acetic acid, isocyanates, cold-rolled products and ceramic tiles.
Gulf Organization for Industrial Consulting engineering expert Atif Elgozali gave a presentation on each of the five opportunities individually.
The total value of all the investments was estimated at $413 million, plus an estimated 324 new jobs.
As a whole, the investments are expected to bolster the local chemical industry by opening up an additional 15.6 acres of industrial production area.
Elgozali said the industries discussed offered projected returns of 12 to 22 percent and a potential payback period of 3.33 to six years.
Elgozali also laid out detailed criteria that investors must follow to carry out their projects, regardless of the industry. The project must be new to Oman, pull its primary resources from Oman or GCC countries, meet a specific market demand, produce a product capable of being exported, mesh with and support existing Omani industries, use processing technology that can be licensed, create Omani jobs and create a environmentally friendly product using an equally clean process.