(MENAFN- Muscat Daily) Oman will see a massive surge in investments with over US$127bn worth of projects under way in the country in addition to more than US$80mn worth of projects being executed at different stages of completion according to H E Dr Ali al Sunaidi Minister of Commerce and Industry.
The minister was speaking at the Oman Projects Forum which began on Monday.
H E Sunaidi said more projects are scheduled to be launched in the remaining 14 months of the current Five-Year Plan (2011-2015) adding 'Such projects will spill over into the next plan period. Among other sectors transport logistics and fisheries are at the centre of such development.'
He called on the delegates to help better plan design finance and implement future projects which would pave the way for an action plan.
Oman Projects Forum organised by MEED has become one of the main annual business events to be held in Oman with discussions on economic diversification and development.
Shedding light on SME development H E Sunaidi noted that Oman's development has seen the involvement of a growing number of SMEs. He added that the issue of defining SMEs would now be addressed. 'Perhaps a new definition can be adapted. It is early to say but if it happens this could mean new opportunities for financing medium-size enterprises and increasing their role in the local value chain. The Public Authority for SME Development is also launching a scheme for registering SMEs so that such enterprises are further integrated into the economy' he added.
Representatives of key government agencies presented a snapshot of opportunities across Oman's high-growth sectors at the Forum.
H E Abdullah al Salmi executive president of the Capital Market Authority said that the size of the government's investment over a ten-year period up to 2017 will approximately be equal to twice the size of current annual GDP with two of the primary sources of financing growth being the banking system and capital markets.
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