Bandar Seri Begawan - The establishment of a joint investment company by Brunei and Oman is a testament of the strong relationship between the two countries.

The company's establishmen was highlighted by Mr Sayyid Fakhri Mohammed Al Said, the Ambassador of Oman to Brunei, during a reception to mark the 29'h Anniversary of Oman's National Day.

The event's guest of honour was Pehin Dato Seri Utama Dr Ustaz Hj Mohd Zain Hj Seruddin, the Minister of Religious Affairs. In his speech, the Oman Ambassador said that this year coincides with milestone events for the friendly and cordial relations between the two sultanates.

And, most importantly, he added, was His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam's visit to Oman, which took place last April. It demonstrated warm and friendly ties, as well as enhanced relations between Brunei Darussalam and Oman.

During the visit, the two leaders identified some potential areas, in which both sides could work together and witnessed the signing of a memorandum of understanding (MoU) on the joint investments fund.

This led to the establishment of a joint investment company, with the headquarters in Muscat, and it was agreed for the capital to be invested in various projects within the two countries, or in a third.

This is big step forward in Oman-Brunei relations. The funds could be increased if there will be a project that would be of great benefit for both countries.

The ambassador said that currently Oman is actively pursuing a development plan that focuses on diversification, industrilication, and privatisation, with the objective of reducing the oil sector's GDP contribution to nine per cent by 2020.

This year, Oman has witnessed increased government spending to boost oil and non-oil industries, as well as offsetting the impact of the global financial crises.

One aspect of this diversification, the ambassador added, is that building blocks for a successful tourism industry are in place. Oman has the significant potential and natural beauty to become a world-class tourist destination.

He said that a booming increase in the number of visitors to Oman has been met with mega infrastructure projects. The first phase of an ambitious plan to expand and modernise Muscat International Airport has been launched and is expected to be completed by the year 2012.

The projects will increase the airport's handling capacity to 12 million passengers annually. Further expansions planned in three subsequent phases will ultimately boost the airport's capacity to 48 million passengers by 2050.
The Salalah Airport's development envisages an expansion of capacity to one million passengers by 2012. Both airports have been conceived and designed to allow further expansions to cater for a future demand growth.

The projects will increase the airport's handling capacity to 12 million passengers annually. Further expansions planned in three subsequent phases will ultimately boost the airport's capacity to 48 million passengers by 2050.

The Salalah Airport's development envisages an expansion of capacity to one million passengers by 2012. Both airports have been conceived and designed to allow further expansions to cater for a future demand growth.-- Courtesy of Borneo Bulletin

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