Muscat: Oman Food Investment Holding Company SAOC (OFIC), the government’s food sector investment and development arm, has announced its intentions to invest in a wide range of food-related projects involving an investment of around $1.2 billion (RO 433 million) over a period of six years.
The scope of these projects will range from the establishment of a new camel milk farm, a dedicated coconut farm development, food logistics scheme, a novel vertical farming initiative and an expansion of the Nakheel Date Palm Project. Also, in the pipeline is the planned establishment of a new animal aqua feed facility.
Ali al Shihhi, Vice-President – Finance, OFIC stated, “There are about eight initiatives that form the strategic direction of the OFIC Group going forward. OFIC is planning to invest around $1.2 billion in food security over the coming 5-6 years”. This revelation was made during a webinar organised by Business Gateways International with the support of the Ministry of Commerce, Industry and Investment Promotion.
“OFIC is working with Oman Investment Authority and our subsidiaries to consolidate a number of projects that will form the new direction of OFIC going forward,” Al Shihhi stated. “Some of these initiatives have been defined and already approved, while some of them are under study.”
Notable projects that have been done under OFIC’s aegis include Mazoon Dairy and Al Bashayer Meat.
