Duqm Economic Forum to focus on promoting investment in green industries

Business Saturday 23/September/2023 16:56 PM
By: Times News Service
Duqm Economic Forum to focus on promoting investment in green industries

Muscat: The Duqm Special Economic Zone (Sezad) will host the Duqm Economic Forum on October 16 and 17. The event is organised by the Public Authority for Special Economic Zones and Free Zones (Opaz) with the support of several government agencies and the participation of many private sector companies.

Over two days, the forum will address current advancements in the green industry sector as well as the most prominent initiatives that have attracted investment to Sezad and the Sultanate of Oman as a whole. These topics will be discussed in light of the growing local and international trend towards green industries and renewable energy.

This is in line with Opaz's focus on green industries, encouragement of investment in this field in response to the directives of His Majesty Sultan Haitham bin Tarik and the fact that 2050 has been set as the goal year for achieving carbon neutrality at all levels.

Among the strategic investments that Sezad attracted in the green industries sector are the Vale Green Iron Production Complex, the Jindal Shadeed Group's green iron production initiatives, and the reduced iron factory that Kobe Steel and two Japanese companies, Mitsui and Partners Limited, will construct. The local economy will be valued more and small and medium-sized companies will have more business opportunities, among other economic benefits. These activities are crucial from a strategic standpoint to achieve the Sultanate of Oman's goals of reducing carbon emissions.

Several discussion sessions covering the benefits of renewable energy in Duqm, supply and demand trends, consumer requirements, and chances for successful investment in green industries in Sezad are part of the Duqm Economic Forum, which is organised in strategic partnership with Asyad Group, Oman's leading global integrated logistics provider, and Folken Green Iron Company, one of Jindal Shadeed Iron & Steel Group.

The forum will also focus on the green hydrogen industry, solar and wind energy, energy transition efficiency, energy storage, the need for green energy in international markets, and the anticipated function of public-private partnerships in the success of renewable energy projects.

Additionally, the forum will cover renewable downstream projects in Duqm, utilising Duqm's enormous natural renewable energy potential, supplying renewable energy, decarbonisation, satisfying industrial demand for green materials, IoT and smart manufacturing, and chances for exporting renewable energy.

The discussions will cover the prospects in the supply chain and the crucial role of Duqm Port as a green port in promoting investment in the green industries sector in light of the synergy between the various projects in Sezad. One of the primary Sezad enablers, Duqm Port serves as a multimodal global logistics centre and a key entry point to both local and international markets. The port is also a superbly versatile centre for business, industry, and economic activity. With its many facilities for excellent maintenance and repair work as well as successful industrial operations, the port features a dry dock.

Along with the potential for large industrial companies that rely on infrastructure and the Port of Duqm for their operations, the potential for shipping, maritime, and transport companies in Sezad will also be explored. In addition, the outstanding investment prospects in this important hub for global commerce and pioneer in the distribution of renewable energy will be discussed. The event will also discuss the network of factors that contributed to the Port of Duqm's success and provided it with a distinct competitive advantage.

The forum will cover key innovations in the petrochemical sector and how they contribute to the production of numerous essential components of the renewable energy system, such as solar panels, wind turbines, batteries, thermal insulation, and electric vehicles. This talk will also cover the interest in green industries. The debate will also examine the opportunities for Duqm to attract these industries, as well as the general demand for these products.

The forum will showcase significant investments made in the Duqm refinery and crude oil storage terminal, the largest oil storage and export project in the Middle East, as well as the opportunities it offers to petrochemical manufacturers looking to tap into the expanding markets associated with the switch to clean energy and modern technology.

Additionally, the emphasis will be on decarbonisation methods, the volume of petrochemical demand, facilities for converting crude oil into chemicals, chemical recycling, research and development, innovation, and cutting-edge technology in the industry.

Several local, regional, and international companies that invest in Sezad will attend the discussion. The forum is anticipated to host in-depth discussions from a large number of experts, specialists, and potential investors in the green industries sector and other sectors from the Sultanate of Oman and abroad. The attendees will get the chance to learn more about the current initiatives in the area, its favourable investment environment the right climate for Duqm, and its significance for the achievement of investment in the region's many economic sectors.