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Oman plans to invest $258.8m in new dairy firm

DBR Staff Writer Published 22 January 2015

The Government of Oman is planning to set up a dairy firm, which will see an investment of around OMR100m ($258.8m).

milk

The investment is in line with the government's strategy to achieve self-sufficiency in dairy production, reports Times of Oman.

The proposed project is being promoted by state-owned Oman Food Investment Holding (OFIC).

OFIC will own 20% stake in the dairy firm, while the remaining 80% stake will be owned by investment funds and private investors, reports the publication.

The dairy firm will produce fresh milk, as well as fresh juice, mineral water, laban and yogurt.

OFIC Follow-up and Studies chief Salim bin Saif Al Abdali was quoted by Times of Oman as saying: "We need to improve our self-sufficiency and food security of Oman in main food items like dairy, poultry and red meat. This is the first among several projects that are planned (by the company).

"Our plan is to raise domestic production of dairy products to 70 per cent of total demand by 2020."

OFIC claims that close to 26% of the nation's dairy demand is being met by local companies and the remaining is being catered by imports, mainly from other Gulf Cooperation Council countries.


Image: The dairy firm will produce fresh milk. Photo: courtesy of artur84 / freedigitalphotos.