Oman Investment Authority and Several of its Companies Sign MoUs with their Tanzanian Counterparts
Oman Investment Authority, alongside a number of its companies, signed MoUs on possible cooperation to promote investment and enhance financial sustainability with different Tanzanian parties. This step stems from the deep historical multi-century relationship between Oman and Tanzania and aims to improve the two countries' social, commercial, and cultural ties. It also strives to look ahead to what helps achieve the aspirations of both countries and improve the areas of collaboration between them into broader horizons. This signing coincides with the visit of Tanzania’s President, Samia Suluhu Hassan, to Oman.
Sami Al-Sinani, Senior Manager – Logistics and Infrastructure at Oman Investment Authority, said that “MoUs represent OIA’s efforts towards expansion in international markets, diversification of targeted sectors, and opportunities to enter external markets, discover new investment opportunities, transfer its expertise and the expertise of its companies to manage international projects, and enter into partnerships with international investors and companies. OIA can benefit from the expertise of its international partners, and can in the future attract these partnerships to become local projects in Oman.”
The MoU signed between Oman Investment Authority and Zanzibar Investment Promotion Authority aims to strengthen investment and financial sustainability between the two parties. The MoU was signed by Mulham Al Jarf, Acting Deputy President for Investment at Oman Investment Authority, and Shariff A. Shariff, Executive Director of Zanzibar Investment Promotion Authority.
The MoU states both parties’ agreement to join forces and maintain a continuous business relationship to achieve both parties’ goals regarding: Enhancing economic ties between Oman and Zanzibar, exchanging information about investments, policies, rules, regulations, procedures, incentives, and trade opportunities, collaborating on the exchange of knowledge and technical expertise, and training opportunities for individuals from both institutions on matters of investment and trade. Additionally, both parties shall encourage and support the exchange of business delegations or investment missions. Moreover, both parties shall collaborate in organizing shared events regarding investment and trade and provide support in organizing investment and trade exhibitions.
OIA Company, Oman Food Investment Holding Co. (OFIC), signed an MoU with Tanzania Horticultural Association. This MoU seeks to enhance investment and commercial horticultural projects, exchange relevant data and information, designate responsible experts to coordinate and implement activities related to the MoU, discuss and set the appropriate technical, economic, financial, and environmental parameters relating to the project, and coordinate and engage with the relevant Government entities to secure all necessary approvals, consents, and permits necessary to develop, execute, and operate the projects.
Another MoU was signed between Al Bashayer Meat Company, a subsidiary of OIA Company OFIC, and the Tanzanian National Ranching Company. This MoU focuses on investment and trade in the livestock and red meats sectors; to meet the local demand in Oman and re-export livestock and red meats to the Gulf and MENA regions.
The third MoU was between OIA Company, Oman Airports, and Kilimanjaro Airports Development Company from the Tanzanian side. The MoU entailed developing a VIP lounge and other facilities in Kilimanjaro International Airport to benefit from Oman Airports’ successful experience managing airports and VIP services.
OIA is looking to enhance its investments in Africa generally ad in Tanzania specifically; these investments are diverse to include several sectors, including logistics, food security, and tourism. This consists of the aquaculture project in the northeastern part of Zanzibar (Unguja), which takes place over an area of 5 hectares near the beach and a suitable aquaculture environment, with a production capacity of 10,000 metric tonnes annually.
To create ample fish reserves in addition to experimental fishing on the Tanzanian coast, OIA signed an MoU last May, whereby Al-Wusta Fisheries Industries- a subsidiary of Fisheries Development Oman, which is an OIA Company- will conduct a general survey of all coastal areas of 200 miles from the edge of the continental shelf (approximately 80 meters in depth) to the edge of the Tanzanian 200-mile Exclusive Economic Zone (EEZ), including the Pemba Channel and areas to the east of Zanzibar.
OIA recently concluded a feasibility study on the management of the Manga Pwani Multi-purpose Port, a newly constructed port to attract commercial and economic traffic to Zanzibar. In its first phase, the project is on an area of 3 million m2. The second phase is on a site of 1.5 million m2. It will include a shipping, unloading, and storing dock, in addition to fish production and storage and preservation workshops to export them.
OIA is preparing a bankable feasibility study to redevelop Malindi port and the adjacent area with modern facilities to enhance tourism, travel, and lifestyles and, in addition, organize passenger transportation by maritime safety regulations.
In a step to launch services of OIA’s Oman Mail in African markets and enable Omani SMEs to access Tanzanian markets and neighboring African markets, Asyad Express signed an MoU last May with Tanzania Posts to develop mail services, including improving access, logistics, e-commerce, financial and digital services, and printing stamps and similar products. Oman will become the headquarter of Tanzania’s e-commerce in terms of storage, delivery, and postal movement to East Africa.
Benefiting from the expertise of OIA’s OMRAN Group in tourism development, the group is now studying the feasibility of restoring several historical UNESCO sites and turning them into hotels and museums.