Muscat – The total cumulative investment committed to the Special Economic Zone at Duqm (SEZAD) rose by the end of June 2024 to RO6bn, compared to RO3.865bn in June last year, recording a robust growth of 55% year-on-year. This growth coincided with the commencement of operations at the Duqm Refinery and several other major economic projects within SEZAD this year.

In a statement to Oman News Agency, Eng Ahmed bin Ali Akaak, CEO of the Special Economic Zone at Duqm, said that numerous new investment agreements were signed during the first half of this year in various economic sectors. “This increase reflects the significant interest that SEZAD attracts from both local and international companies, as the zone intensifies its efforts to attract more investments,” he said.

Akaak highlighted several major strategic investments in the green industries sector, some of which have reached the construction or final design stages, including the Vulcan Green Steel Plant, the Hyport Duqm Project, the Green Hydrogen Company Project (ACME Project), and the Japanese companies Kobe Steel and Mitsui & Co’s project to establish a reduced iron factory.

He added that these projects will reinforce Duqm’s leadership in the green industries sector and contribute to Oman’s goal of achieving net-zero emissions by 2050. He noted that SEZAD continues to receive investment requests from numerous international companies, with each request carefully evaluated by relevant authorities to assess the added value that these investments may bring.

Regarding the efforts of the Public Authority for Special Economic Zones and Free Zones (OPAZ) to enhance the services provided to investors, in collaboration with other government agencies, Akaak said, “In the first half of this year, the authority completed the implementation of the Cabinet’s decision to develop and supervise municipal services and public facilities in areas stripped of public benefit status within SEZAD’s master plan, aimed at enhancing development in Duqm and stimulating various economic sectors.”

He added that OPAZ made the necessary preparations in the first half of this year to manage licensing services and technical affairs, as well as train employees to provide these services. He explained that the total area of the plans removed from public benefit status within the SEZAD master plan is 33sqkm, distributed across nine different plans. These plans accommodate a variety of commercial, industrial, and residential uses.

Akaak further explained that SEZAD also encompasses several investment zones in sectors such as commerce, industry, tourism, logistics, real estate development, and renewable energy. He noted that in the second half of this year, efforts began to provide the necessary services to all these zones.

Commenting on the progress of ongoing projects, Akaak said that the first half of this year witnessed the official inauguration of several key economic projects, most notably the Duqm Refinery, one of the region’s flagship initiatives. The refinery, with a production capacity of 230,000 barrels per day, is expected to transform Duqm into one of the region’s most important energy hubs. It will also increase Oman’s total refining capacity to approximately 500,000 barrels per day.

He pointed out that the first half of the year also saw the official opening of the multi-purpose fishing port, the largest of its kind in Oman, as well as the launch of the shipping and customs services station and the government berth at Duqm Port.

Akaak also touched on the new projects that became operational in the first half of this year, stating that SEZAD witnessed the commencement of several projects during the current year.

The CEO of SEZAD confirmed that the zone’s growth reflects the strong interest from investors both within and outside Oman. He also praised the support SEZAD receives from OPAZ, which provides direct supervision over business development and investment attraction.