Muscat: Economic and investment relations between Oman and Algeria are witnessing remarkable growth, particularly in the investment sector, following leadership visits from both nations. His Excellency Saif bin Nasser Al-Badaei, Oman’s Ambassador to Algeria, confirmed the increasing economic momentum is guided by the commitment of His Majesty Sultan Haitham bin Tariq Al Said and Algerian President Abdelmadjid Tebboune.

A key driver of this enhanced cooperation is the Omani-Algerian Joint Investment Fund, currently in active negotiations for major strategic projects. The Algerian side has also shown strong interest in Oman’s investment environment, with several inquiries already transferred to the “Invest in Oman” platform. Ambassador Al-Badaei noted that multiple Algerian business delegations have recently visited Oman, with upcoming visits planned from pharmaceutical companies, aiming to form a long-term strategic partnership.

Promoting Oman as a secure and opportunity-rich investment destination is a core mission of the Omani Embassy in Algeria. Meetings with Algeria’s business community are helping spotlight the Sultanate’s numerous investment advantages—chief among them, the ability for foreign investors to own 100% of their projects without a local partner.

Mohammed bin Ali Al Lawati, Acting Director of the Investment Promotion Department at Oman’s Ministry of Commerce, Industry and Investment Promotion, emphasized Oman’s investor-friendly approach. He highlighted benefits including up to 10 years of income tax exemption in key sectors such as industry, tourism, agriculture, and technology. Customs exemptions on raw materials, equipment, and machinery further enhance Oman’s competitive edge.

Meanwhile, Algeria is looking to attract over $10 billion in Omani investment in the medium term. Omar Rekash, Director General of the Algerian Investment Promotion Agency, revealed that multiple Omani companies have submitted investment applications. Negotiations are underway for a joint shipping line connecting the two nations, in collaboration with Asyad Group, and a marine fishing fleet project involving Mauritania as a third partner. A Hyundai car manufacturing venture and an aluminum smelter project are also in progress.

Pharmaceutical investment, shipping logistics, and strategic industrial ventures are high on the agenda. The Algerian government, Rekash added, has undertaken wide-ranging reforms to boost investor confidence, including a new legislative framework that ensures stability and protections for foreign investors. Since its implementation, over 15,600 projects have been registered—including 271 foreign-led ventures.