Muscat: Ithraa Chairman, Yahya Al Jabri is leading a high profile Omani trade delegation to Yinchuan this week to participate at the China – Arab States Expo and hold talks with Chinese business leaders on trade, investment, and participation in the Belt and Road Initiative.

Oman’s attendance at the Yinchuan Expo aims to boost Omani-Sino links. The event has already seen Al Jabri meet senior Chinese business figures including Xian Hui, Chairwoman, Ningxia Hui Autonomous Region as well as the President of the Bank of China in Ningxia.

Oman’s tradition of welcoming foreign investment, along with its strategic geographic location, access to markets, world-class infrastructure, availability of talent and professional services, as well as strength in sectors that include energy, technology, and agriculture are all factors attractive to Chinese investors.

Supporting Oman’s efforts to diversify its economy, increase foreign investment, create sustainable jobs and improve its global market presence, Ithraa’s Chairman encouraged his Chinese hosts to visit Duqm, meet government and business representatives, and see firsthand the outstanding investment opportunities on offer in the Sultanate.

Al Jabri also suggested Bank of China officials consider opening a branch in the sultanate – a move that would help facilitate further Omani-Sino investment.

Muscat: The National Business Centre (NBC), which pertains to the Public Establishment for Industrial Estates – Madayn, organised on Tuesday an event as part of NBC’s Mashura initiative at Riyada incubator. Held in cooperation with the Public Authority for Small and Medium Enterprises Development (Riyada), the event highlighted the opportunities available in Oman Food Investment Holding Company (OFIC) for entrepreneurs and SMEs.

Asim Al Zadjali, Investment Manager at Oman Food Investment Holding Company, stated that OFIC is a state-owned-enterprise aimed at promoting Oman’s food security. He noted that the vision of OFIC is to become the recognized leader for promoting strategic investments in the food sector locally and internationally to improve food security in the Sultanate. He added that this shall be achieved by investing in food projects individually and in partnership with various strategic investors inside and outside Oman aiming to promote self-sufficiency and food security in Oman.

Al Zadjali elaborated on the objectives of OFIC, which comprise targeting commercially viable projects in Oman and internationally that will create both strategic and financial value, while offering a clear exit strategy; developing partnerships with private and public stakeholders to mobilize various resources and to attract more investment to the food sector; promoting the adoption of responsible, efficient and sustainable practices across the value chain; targeting a mix of agrifood projects in urban and rural areas to create employment, economic diversification and growth of SMEs; improving food quality standards by adopting well established international practices; leveraging the competitive location of Oman to position it as a center of excellence in food production for the region; and becoming a trusted center of excellence for integrated agri-food solutions.

He also elaborated on the companies that fall under OFIC, which include Oman Flour Mills, Al Murooj Dairy Company, Al Namma Poultry Company, Oman Fisheries Company, Al Bashayer Meat Company, Oman Oilseeds Crushing Company, Oman Dates Production and Packaging Company, International Seafood Company, Mazoon Dairy Company, and National Feed.

Al Zadjali pointed out that the available opportunities at OFIC for entrepreneurs and SMEs include opportunities in the establishment and construction phase, transporting and storage, provision of human cadres, safety requirements, raw materials, branding services, marketing tools and information system. Additionally, there are also opportunities in the production phase such as logistics, warehousing, finding distributors to transport products the various governorates in Oman and to public and private bodies and hotels, among other opportunities.

Mashura event, which consists of a series of workshops that raise awareness on various topics related to entrepreneurship, is being sponsored by Oman Oil Refineries and Petroleum Industries Company (Orpic) and Oman Oil Company. It should be noted that the National Business Centre is an initiative by Madayn to offer promising Omani entrepreneurs a platform to develop their business ideas and advance them into growing ventures. Objectives of NBC comprise facilitating and supporting the growth of investable ideas into successful businesses; building entrepreneurial skills through dedicated and focused training, coaching and mentoring; and providing business support facilities from office space, administrative support, financial support and consultancy services that are crucial in ensuring the success and survival of new ventures.

Muscat: MSM30 index closed down by 0.13% at 4,011.52 points. The Shariah Index closed up 0.21% at 533.92 points. Al Madina Investment, up 8.70%, was the top gainer. Al Hassan Engineering down 4.55%, was the top loser. Sohar International Bank was the most active in terms of the number of shares traded as well as turnover.

A total number of 522 trades were executed during the day’s trading session, generating a turnover of OMR3.95 million with more than 24.86 million shares changing hands. Out of 41 traded stocks, 7 advanced, 8 declined and 26 remained unchanged. At the session close, foreign investors were net sellers for OMR308,000 while GCC and Arab investors were net buyers for OMR209,000 followed by domestic investors for OMR99,000 worth of shares.

Financial Index closed at 6,555.31 points, down by 0.15%. Al Madina Investment, Oman & Emirates and Sohar International Bank were up by 8.70%, 1.41% and 0.89% respectively. Al Omaniya Financial, HSBC Oman, Bank Dhofar and Bank Muscat were down by 3.41%, 0.78%, 0.70% and 0.45% respectively.

Industrial Index closed at 4,432.16 points, up by 0.24%. Oman Cement was up by 2.73%. Al Hassan Engineering was down 4.55%.

Services index closed up by 0.19% at 1,880.67 points. Phoenix Power, OIFC and National Gas were up by 3.61%, 1.91% and 0.90% respectively. Renaissance Service, Semcorp Salalah and Ooredoo were down by 1.57%, 0.88% and 0.38%.