(MENAFN- Muscat Daily) H E Ahmed al Dheeb, undersecretary of the Ministry of Commerce & Industry, expects Oman to see a massive surge in investments - worth over US$50bn - from both the private and public sectors, in a boost to the economy.
Addressing delegates during the Oman Projects Forum held recently, H E Dheeb said investments in mega projects will help create new opportunities ''within the country rather than letting the outcome of such projects merely turn into foreign exchange outflows, and the creation of jobs and economic activity abroad.''
An estimated US$20bn will be spent on transportation infrastructure, including the Oman National Railway project, the ongoing and planned Sohar, Ras al Hadd, Duqm and Adam airports as well as Muscat and Salalah airports' expansion and the Batinah coastal road and expressway.
Approximately US$17bn will be poured into the oil and gas sector, while another US$13bn worth of investments will be made in the manufacturing and industrial sector.
According to H E Dheeb, billions more will be invested in the tourism, logistics, and power and water sectors to ensure the sultanate's competitiveness.
Dr P Mohamed Ali, vice chairman and managing director of Galfar Engineering and Contracting, also addressed the forum, focusing on the need for skilled labour in the construction sector.
''Many construction firms are experiencing shortages of skilled workers today due to which job market opportunities haven't been met. The commitments discussed today, if implemented properly should help remedy this situation. Getting skills development right will be critical for the construction sector moving forward. With construction demand and industry retirements expected to rise throughout the decade, there is no time to waste.
''Galfar is committed to social responsibilities and is providing suitable training, employment and growth opportunities to Omanis at all levels. Galfar's efforts in fulfilling the country's Omanisation targets have been lauded by the Oman government,'' Dr Ali said.
''Sustained investment in infrastructure is also very critical to Oman's long-term economic growth. The issues discussed today will help in the process of infrastructure renewal and set Oman on the path to a more globally competitive economy,'' he adde
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.