Oman Investment Authority launches four projects worth OMR935m investments
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Oman Investment Authority (OIA) has launched four major projects during the first month of the 11th Five-Year Plan, with total investments exceeding OMR935 million and more than 1,850 job opportunities expected.
The projects strengthen OIA’s role in the manufacturing sector, which has been identified as a key driver for achieving the goals of Oman Vision 2040. The initiatives are based on international partnerships led by OIA-affiliated companies, along with direct investments aimed at technology localisation and stronger local supply chains.
OIA said the projects support economic diversification and increased local content across priority sectors of the plan, including manufacturing, tourism and the digital economy.
One of the largest projects is the United Solar polysilicon plant in the Sohar Freezone, which completed its financing phase with support from the Future Fund Oman. The OMR700 million project is the company’s largest facility outside China and one of the region’s biggest renewable energy industrial investments. The plant is expected to provide 1,012 direct jobs and place Oman within the global solar energy supply chain. Financing was arranged through United Solar Polysilicon, the International Finance Corporation and regional and local banks.
In the maritime sector, Asyad Group launched a project to manufacture Oman’s first integrated marine tugboat. A tripartite agreement was signed between Asyad Drydock, Oman LNG and international operator Svitzer. The project is expected to generate direct and indirect jobs, with local content estimated at 50 per cent and aims to develop national capabilities in maritime manufacturing and port services.
Hisham Ahmed Al Shidi, head of economic diversification investments at OIA, said the projects reflect steps taken over the past five years to expand the national development portfolio. He said the focus is on cooperation between subsidiaries, higher local content, job creation and technology localisation in line with Vision 2040.
In the petrochemicals sector, OQ Group and Sohar Freezone launched a project to localise advanced manufacturing technologies. OQ Refineries and Petroleum Industries signed a memorandum of understanding with Germany-based MAK to establish a PTA and PET production complex in Sohar Freezone. The plant will produce 700,000 tonnes of PTA and PET annually, supported by 425,000 tonnes of para-xylene. The OMR192 million project is expected to create about 700 direct jobs and support import substitution and non-oil exports.
OQ Base Industries also announced a specialty chemicals plant in the Salalah Freezone through an agreement with India-based Deepak. The OMR38 million project will produce sodium nitrate and sodium nitrite using ammonia as a raw material, with an annual capacity of 70,000 tonnes. It is expected to create 150 direct jobs and support pharmaceutical and agricultural industries while expanding export opportunities.
OIA said the projects support the objectives of the 11th Five-Year Plan by increasing the contribution of the non-oil industrial sector to GDP and reinforcing Oman’s role in advanced industries, energy, chemicals and industrial services.
