Muscat – Marking the 53rd National Day, Oman Investment Authority (OIA) announced the completion of six national projects, reflecting the spirit of the sultanate’s Vision 2040. These projects, in various governorates and sectors, are valued at over RO4bn and herald a new era of economic diversification and growth.

Hisham bin Ahmed al Shidi, Director General of Economic Diversification Investments at OIA, emphasised that these projects, part of the National Development Portfolio, are intended to invigorate economic diversification, foster private sector growth, and create employment opportunities, especially for small and medium-sized enterprises (SMEs). “These initiatives align perfectly with Oman Vision 2040, showcasing our nation’s competitive edge and investment appeal,” said Shidi.

Among these pioneering projects is the Duqm Refinery and Petrochemical Industries (OQ8) project in the Special Economic Zone at Duqm (SEZAD). Billed as the largest project in the area, it is set to transform Duqm into a major industrial and economic hub. The Ras Markaz Crude Oil Storage Project in Al Wusta is another significant endeavour.

In the energy sector, the Duqm Integrated Power and Water Project (DIPWP) and the Rabt project stand out. DIPWP aims to cater to the energy and water requirements of OQ8 and other heavy industry companies that are looking to set up projects at SEZAD. The Rabt project, spanning 660km, will enhance the national electricity transmission network and pave the way for renewable energy development in Al Wusta.

The Khuwayma Shrimp Farm Project in Jalan Bani Bu Ali, South Sharqiyah plays a pivotal role in bolstering food security and fostering additional industries that leverage Oman’s raw materials to create higher value. Finally, as part of Madinat al Irfan East project, the JW Marriott Muscat Hotel, a 304-room luxury establishment, marks a significant stride in the tourism sector.

These projects not only bolster Oman’s economic landscape but also signify the sultanate’s forward-thinking approach to development, aligning with the broader goals of Oman Vision 2040.