Oman’s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has launched 18 new opportunities within the Sultanate with a total investment volume of over RO1bn in tourism and circular economy sectors for waste management projects.

In a statement issued to the Oman News Agency, it was understood that the Commerce Ministry launched these projects in cooperation with the public and private sectors, and with an aim to attract qualitative investments in sectors that enable economic diversification and create an appropriate environment for the success and development of the investments.

Her Excellency Asila bint Salim Al Samsamiyah, the Undersecretary of the Ministry of Commerce, Industry and Investment Promotion (for Investment Promotion), explained that the projects will be extended into six opportunities in the tourism sector, while the others would be in the circular economy sectors.

The total value of the investments currently stands at over RO1.5bn, with RO974mn earmarked for the tourism sector and RO528mn for the 12 waste management projects that have been determined for development.

With a focus on tourism and circular economy sectors (specifically in waste management projects), these investments aim to motivate the private sector in investing and contributing to foreign direct investment, and ultimately, the Gross Domestic Product (GDP) of the Sultanate.