Cairo: An industrial investment agreement valued at RO 1 million (USD 2.6 million) was formalized at the Embassy of the Sultanate of Oman in Cairo between the global company Zeinox and the "Ladayn" program of OQ Group. The agreement marks a significant step in fostering industrial cooperation and enhancing the plastics sector.
According to Oman News Agency, Abdullah Nasser Al Rahbi, Oman's Ambassador to Egypt and Permanent Representative to the Arab League, highlighted the "Ladayn" program's potential in attracting investments and utilizing Oman's raw materials. This initiative is seen as a key element in reinforcing industrial integration and facilitating expertise exchange between Oman and Egypt.
Al Rahbi acknowledged the pivotal role of business leaders from both nations in strengthening bilateral relations and translating them into tangible projects. He pointed out that both countries offer strategic geographic locations and investment opportunities, fostering cooperation in various sectors.
The Ambassador also noted an increasing interest from both public and private sectors in exploring partnership opportunities, particularly in energy, petrochemicals, industry, and maritime transport. He expressed optimism that these efforts would enhance trade and economic growth.
Al Rahbi emphasized the role of Oman's Embassy in Cairo in promoting economic diplomacy, a fundamental aspect of Oman Vision 2040. This vision aims to diversify income sources and position Oman as an investment hub. The Embassy's efforts have led to successful partnerships and expanded cooperation, aligning with both Oman's and Egypt's economic goals.
Dr. Shady El Zini of Zeinox Global mentioned that the new factory in Oman would create jobs and provide quality products for various markets. He stressed that the project would leverage Oman's investment incentives and resources.
Eng. Munther Saleh Al Rawahi of the OQ Group's Ladayn program announced that they have signed 18 agreements with investments over USD 160 million. This reflects OQ Group's dedication to bolstering manufacturing, particularly in petrochemicals, by empowering the private sector and utilizing hydrocarbon derivatives to expand industrial development.