Oman Food Investment Holding Company (OFIC), the government’s food sector development arm, aims to be "significan player" in the region's food sector by 2027, the company's CEO has said.

 

The enterprise was recently absorbed into Oman Investment Authority (OIA), the sultanate’s integrated sovereign wealth fund. It has a portfolio of 23 companies and food related-assets with investments totalling around $1.5 billion, said Eng Saleh bin Mohammed al Shanfari, CEO, outlining a 20-year strategy that positions OFIC for robust growth over the 2020-2040 timeframe, said an Oman Daily Observer report.

 

Taking part in an online forum organised by the Ministry of Commerce, Industry and Investment Promotion, he said by 2031, the group is projected to burgeon into a “leading player” in the Middle East with a portfolio of assets across the world serving Oman and the GCC markets. 2040 will see OFIC becoming a “prominent player” globally, he noted.

 

OFIC has come a long way since it was established seven years ago, evolving into a well-diversified group with investments in, among other areas, dairy processing, poultry farming, meat production, oil seeds crushing, dates processing and packaging, veterinary medicine production and fish processing, the report said.