Oman's Public Authority for Special Economic Zones and Free Zones (Madayn) has announced that it has signed 28 investment agreements worth more than RO304 million ($790 million) to establish new projects and expand existing operations across its special economic zones, free zones and industrial cities.
The agreements cover more than 2 sq m area spanning industrial manufacturing, food production, logistics, recycling and commercial activities, it stated.
The lion's share of the investments, about RO147.6 million, went to industrial cities operated by Madayn, said the company in its statement.
The Sohar Free Zone accounted for RO58.5 million, followed by the Special Economic Zone at Duqm with RO55.08 million and Salalah Free Zone with RO32.95 million and finally Khazaen Economic City with more than RO10.4 million.
The projects are expected to support Oman's efforts to diversify its economy, expand industrial production and attract private investment, in line with the objectives of Oman Vision 2040, the authority said.
In Sohar Industrial City, Atlas Steel will be investing more than RO112 million in a plant producing iron and steel products on an area of about 440,000 sq m. Fujian Mancheng Industries and Investment will invest RO20 million in a ceramics facility covering more than 241,000 sq m.
Other investments in Madayn's industrial cities include a RO7 million phosphate and nitrogen fertiliser plant by Gulf Company for Organic and Biological Fertilizers in Raysut, and projects involving structural metal products, paper and corrugated cardboard, and 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, said the agreements formed part of efforts to attract specialised investments, strengthen the competitiveness of the zones and industrial cities, create jobs and diversify economic activity.
These projects would help develop local supply chains and increase value addition by building links between manufacturing, logistics and supporting industries, he noted.
Oman has been seeking to broaden its economic base beyond hydrocarbons through investment in industrial development, logistics and other productive sectors under its long-term economic diversification programme, he added.
In the Sohar Free Zone, investments worth RO38 million will be made by Sohar Automotive and Advanced Industries Company in an automobile assembly complex covering 317,000 sq m area.
The complex aims to attract vehicle manufacturers, automotive supply chain companies and businesses involved in advanced manufacturing.
Voltamp High Voltage Transformers has announced investments worth RO15 million in a plant producing power and electrical distribution transformers, targeting regional and international markets. Lalan Middle East will also pump in RO1.5 million to expand its medical devices manufacturing facility, it stated.
In the Duqm Special Economic Zone, Al Jazir Feed Plant will invest RO40 million in a facility producing shrimp feed to support an integrated shrimp farming project.
In the Salalah Free Zone, Al Nawras Industries will invest RO19.25 million in a steel structures manufacturing facility, while Integrated Gypsum Company will invest RO7.7 million in gypsum products. Marai Dhofar will invest RO6 million in the production of Italian cheeses and dairy products.
Projects in Khazaen Economic City include a plant by Aleemit International Services to manufacture electric vehicle chargers and components, with an investment of more than 3.4 million rials, and a 2.5 million rial facility by Joger Modular Building Technologies to produce precast concrete building components.
Additional investments in Khazaen cover construction materials, ready-mix concrete, industrial units, logistics facilities and warehouses.-TradeArabia News Service
