Saturday 23 / November / 2024
Sohar: United Solar Holding Inc. celebrated today the laying of the foundation stone for its pioneering polysilicon factory project in Sohar Port and Freezone.
This landmark project, representing an investment exceeding OMR520 million ($1.3 billion), is poised to have a production capacity of 100,000 tonnes annually.
The ceremony was held under the auspices of Sultan Salim Al Habsi, Minister of Finance.
Strategically aimed at polysilicon production, this project is a step forward in building a value-added chain across downstream and renewable energy sectors, especially in solar panel manufacturing. The project aligns with Oman Vision 2040’s goals to stimulate green hydrogen production and reduce solar panel costs in Oman, ensuring employment opportunities and social initiatives, including the training of Omani youth in this emerging field.
Speaking at the ceremony, Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry, and investment Promotion for Investment Promotion, emphasised the project's alignment with Oman Vision 2040 to bolster local investment and attract foreign direct investment. She also highlighted the Ministry's commitment to fostering industrial sector investment opportunities and facilitating the investor’s journey.
She added: "We are steadfast in our national efforts to enhance investment opportunities in the industrial sector and other areas promoting economic diversification. Our aim is to attract investors to these opportunities, providing comprehensive support to transform these prospects into tangible projects. Moreover, one of the key priorities is to add in-country value nationwide by generating jobs for young Omanis and unlocking investment opportunities in each governorate".
Dr. Saleh Said Masn, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, emphasised that the project aligns with the Ministry's efforts to attract high-tech industries. “Currently, the Ministry focuses on drawing knowledge and technology-based industries, crucial for the strategic industrial goals and the future industries initiative”.
Dr. Saleh added, “The industrial strategy aims to integrate modern technologies and innovation within a knowledge economy framework, building knowledge-based industries. This strengthens Oman's role globally in technology and industry, with initiatives and targets designed to bolster the industrial sector”.
Dr. Saleh highlighted that clean energy, especially solar, is key in the Manufacturing Strategy 2040. The project's investment of OMR520 million is expected to significantly contribute to the GDP and enhance global supply chain integration. Oman's potential in solar energy component manufacturing is set to initiate new, modern industries.
Meanwhile, Dr. Mansour Talib Al Hinai, Chairman of the Authority for Public Services Regulation, said, “The foundation stone laid today for the United Solar Holding Inc. project marks it as a major investment in the Sultanate of Oman and the broader Middle East region. This project represents a significant step towards localizing alternative energy industries. It will provide training and qualification for many Omanis in specialized roles, supporting our economy by adding value to specific projects.
Omar Mahmoud Al Mahrizi, CEO of Sohar Freezone and Deputy CEO of Sohar Port, stated: “At Sohar Port and Freezone, we are committed to fostering a dynamic and inclusive environment for investment and growth, leveraging our strategic location and world-class infrastructure to attract businesses looking to expand into the Middle East and beyond.
He further stated, “In line with Sohar Freezone's Phase 2 infrastructure expansion, we are offering 675 hectares to accommodate the growing demands for industrial and commercial space, fostering an environment of innovation, collaboration, and enduring success.”
