Oman's Public Authority for Special Economic Zones and Free Zones (Madayn) has revealed that it has finalized 28 investment contracts valued at over RO304 million ($790 million) to develop new projects and enhance current activities in its special economic zones, free zones, and industrial cities.
The agreements encompass over 2 sq m of territory involving industrial manufacturing, food production, logistics, recycling, and commercial activities.
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The majority of the investments, approximately RO147.6 million, were allocated to industrial cities managed by Madayn, the company stated.
The Sohar Free Zone represented RO58.5 million, with the Special Economic Zone at Duqm next at RO55.08 million, Salalah Free Zone at RO32.95 million, and Khazaen Economic City exceeding RO10.4 million. The initiatives aim to aid Oman's goals of diversifying its economy, increasing industrial output, and drawing in private investment, in accordance with the targets of Oman Vision 2040, the authority noted.
Atlas Steel will invest over RO112 million in a facility manufacturing iron and steel products in Sohar Industrial City, covering approximately 440,000 sq m. Fujian Mancheng Industries and Investment plans to invest RO20 million in a ceramics plant spanning over 241,000 sq m. Additional investments in Madayn's industrial cities comprise a RO7 million phosphate and nitrogen fertilizer facility by Gulf Company for Organic and Biological Fertilizers in Raysut, alongside initiatives related to structural metal products, paper and corrugated cardboard, as well as oil and gas equipment and services in Raysut, Ibri, and Nizwa.
Qais Mohammed Al Yousef, chairman of the Public Authority for Special Economic Zones and Free Zones, stated that the agreements were aimed at attracting specialized investments, enhancing the competitiveness of industrial cities and zones, generating employment, and diversifying economic activity. He pointed out that these initiatives would foster local supply chains and enhance value addition by creating connections among manufacturing, logistics, and ancillary industries.
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Oman has aimed to expand its economic foundation beyond hydrocarbons by investing in industrial growth, logistics, and other productive sectors as part of its long-term economic diversification strategy, he mentioned. Sohar Automotive and Advanced Industries Company will invest RO38 million in an automobile assembly complex within the Sohar Free Zone, which spans 317,000 sq m.
The complex seeks to draw in vehicle manufacturers, companies in the automotive supply chain, and firms engaged in advanced manufacturing.
Voltamp High Voltage Transformers has declared a RO15 million investment in a facility that manufactures power and electrical distribution transformers, aiming at both regional and global markets. Lalan Middle East announced it will invest RO1.5 million to grow its medical devices production facility.
In the Duqm Special Economic Zone, Al Jazir Feed Plant plans to invest RO40 million in a production facility for shrimp feed to enhance an integrated shrimp farming initiative. In the Salalah Free Zone, Al Nawras Industries plans to invest RO19.25 million in a facility for manufacturing steel structures, while Integrated Gypsum Company will invest RO7.7 million in gypsum products. Marai Dhofar intends to invest RO6 million in the manufacturing of Italian cheeses and dairy goods.
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In Khazaen Economic City, initiatives include a factory by Aleemit International Services for the production of electric vehicle chargers and parts, featuring an investment exceeding 3.4 million rials, along with a 2.5 million rial plant by Joger Modular Building Technologies focused on creating precast concrete building elements. Supplementary investments in Khazaen include building materials, ready-mixed concrete, industrial spaces, logistics centers, and storage facilities.