The Musandam branch of the Oman Chamber of Commerce and Industry (OCCI) is setting up the Musandam International Investment Company, the largest Omani joint stock company in terms of the number of shareholders.
Recently, the Board of Directors of OCCI’s Musandam branch launched an electronic form allowing shareholders to register with the company, which will be open for a month.
The complete procedures for the company’s establishment, registration of shareholders, electronic signature on legal documents, and payments will be done electronically. It will focus on projects in several growth sectors, such as food security, natural resources, heavy equipment, contracting and building materials, fisheries, and transportation.
Raed bin Mohammed Al Shehhi Chairman Musandam Branch OCCI
“The company aims to develop the private sector by creating a strong entity that leads the progress of the local economy in the governorate. It will become an investment source for the people of the province and maximize the local added value of the projects implemented and investment in many sectors that the governorate needs.”
In August 2021, the Ministry of Heritage and Tourism (MoHT) stated that it would award 31 plots of land in Musandam to stimulate foreign investment, and it signed usufruct agreements to build three 3-star hotels in the Governorates of Madha and Bukha.
Oman Tourism Development Company (OMRAN) recently completed the first phase of an adventure center in Musandam, which included the development of a 1,800 meter zipline beginning from the top of a mountain at a height of 250 meters above sea level, said MoHT.
Other projects undertaken by MoHT in the northernmost governorate include a visitor center at the archaeological site of Dibba and a museum, with funding from the national petroleum investment company of Oman, OQ.
