Oman could be a gateway for Lebanese products to the world

Muscat – Oman could play a major role in facilitating the export of their products by Lebanese companies in the world, thanks to the good reputation of Lebanese products and the strategic geographical location of Oman on the East-West trade route.

Speaking to Muscat Daily ahead of the visit of a high-level Lebanese business delegation to Oman, Elie Rizk, chairman of the Lebanon and Gulf Business Development Commission, said: “No less than 25 industrialists from Lebanon come in Oman, which will pave the way for foreign investment in the country. They come to look for investment opportunities and see what Oman’s industrial and free zones offer in terms of incentives and growth.

“With the reputation of their products around the world, Lebanese companies can take advantage of Oman’s geographical location to reach Europe, Asia, Africa, America and the Arab world.”

Rizk informed that the delegation’s visit and business meetings will create excellent partnership opportunities between Omani and Lebanese companies. “As Lebanese investors, we seek to invest in three major sectors – the food industry, manufacturing and tourism,” he said.
“We are also investing in the tourism sector and have already started to develop a chain of seven-star restaurants called Anna Beirut which will be opened in Qurm, Al Khuwair, Mabella and Al Hail. In the next two years, we will also invest in two other restaurants. This is in addition to other tourism projects including hotels and resorts.

Oman has offered a number of incentives to attract foreign investment, including treating foreign investment companies as domestic companies and granting residency to expatriate investors.

“A number of initiatives have been taken to attract foreign investment and improve operating levels, such as allowing business, trade and investment activities to be carried out by obtaining an initial license, treating companies as foreign investment as national companies and grant residency to investors,” said Qais bin Mohammed al Yousef, Minister of Trade, Industry and Investment Promotion.

According to Rizk, investing in Oman is easy. “The process is very quick and we haven’t seen any delays in registering a business, all thanks to the government. However, our main challenge lies in the banking sector. They delay processes. They delay opening an account for several months,” he said.
Expressing confidence in future business prospects in Oman, Rizk said, “I can see that Oman is developing and His Majesty Sultan Haitham bin Tarik’s policy is excellent. Oman has enormous growth potential. I am very optimistic about the future of Oman because it has good relations with all countries.

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Rozella J. Cook