OMR 100 million project to launch in Sohar Freezone

Oman Saturday 12/November/2022 17:55 PM
By: Times News Services
OMR 100 million project to launch in Sohar Freezone

Muscat: Sohar Freezone will witness the laying of the foundation stone for a titanium dioxide production plant tomorrow, Sunday, with an investment of OMR 40 million, and the inauguration of the first plant in the Sultanate of Oman to calcine petroleum coal, with a total investment of about OMR 60 million.

Omar bin Mahmoud Al-Mahrazi, CEO of Sohar Freezone, told the Oman News Agency that the volume of investments in the zone amounted to about OMR 416 million through the presence of 223 existing companies and an occupancy volume of 75 percent.

The CEO of Sohar Freezone told Oman News Agency that the zone signed nine agreements this year, which consisted of establishing two warehouses, five factories and two expansion agreements, explaining that the zone is one of the most important supporters of achieving sustainable economic development in Oman, as it provided more than 3,000 job opportunities. directly with a 45 per cent Omanization rate.

He added that the Sohar Freezone has become the first destination for foreign investment thanks to its strategic location and the comprehensive list of benefits and incentives it offers to investors. It includes warehouses designed with the highest standards, commercial offices and an abundance of land to encourage investors to establish their projects and grow their businesses.

He explained that the Sohar Freezone will witness the laying of the foundation stone for the titanium dioxide production plant tomorrow (Sunday), which is a major step towards achieving a milestone in the mining sector and economic diversification of Oman, with an investment of OMR40 million. Initial production of titanium (titanium slag) on an area of 160,000 square meters, with a production capacity of 150 tons per year of slag, and a handling volume at Sohar Port of 538,000 tons per year.

He pointed out that titanium metal is used in various industries such as aircraft, ships, vehicles, medical equipment, sports equipment and others, and that the project will open many doors in the metal products manufacturing sector, which will contribute to increasing the processing of raw minerals in Oman and creating an economic value for it.

The Sohar Freezone will also witness the inauguration of Oman's first coal-oil calcining plant, a joint venture between Sanvira Carbon, United Business and the Oman National Investments Development Company (Tanmia).

The plant is located in the Sohar Freezone on an area of 18 hectares and has a production capacity of 500,000 tonnes per year with the possibility of increasing it to 750,000 metric tonnes per year when fully operational, with a total investment of nearly OMR 60 million as it is the latest addition to the growing mineral industry complex in the Freezone. And a hub for many of the world's industry leaders.