Tuesday 05 / November / 2024
Muscat: The total cumulative investment in the Special Economic Zone at Duqm (Sezad) rose by the end of June to OMR6 billion, compared to OMR3.865 billion in June of the previous year, reflecting a 55 per cent year-on-year growth. This growth coincides with the start of operations at the Duqm Refinery and several other economic projects in the zone.
Eng. Ahmed bin Ali Akaak, CEO of Sezad, stated that this increase demonstrates the significant interest from both local and international companies as the zone intensifies its efforts to attract more investments. He noted that several new agreements were signed across various economic sectors during the first half of this year.
In a press interview, Eng. Akaak highlighted several major strategic investments in the green industries sector, with some projects entering the construction phase or nearing final design. These include the Vulcan Green Steel, the HYPORT Duqm project, the Green Hydrogen project (ACME), and the joint venture between Japan’s Kobe Steel and Mitsui & Co., Ltd. to establish a direct reduced iron (DRI) plant.
Eng. Akaak explained that these projects will reinforce Duqm’s position as a leader in green industries and contribute to Oman’s goal of achieving carbon neutrality by 2050. He also mentioned that the Sezad continues to receive investment requests from global companies, with each proposal being reviewed in coordination with relevant authorities to assess the potential added value.
Regarding the Sezad’s efforts to improve services for investors in collaboration with other government entities, Eng. Akaak stated that the Sezad implemented the Cabinet’s decision during the first half of this year to oversee and manage municipal services and public utilities in areas designated for public use within the master plan of the Sezad. This initiative aims to boost development and activate various economic sectors within the zone.
He further explained that the Sezad has completed preparations to assume responsibility for licensing and technical affairs services, with the training of employees on delivering these services. The total area of the plots designated for public use within the Sezad’s master plan amounts to 33 square kilometers, distributed across nine different plots, including Saay neighbourhood. These areas are allocated for various commercial, industrial, and residential purposes, in addition to investment zones in commercial, industrial, tourism, logistics, real estate development and renewable energy sectors. The Sezad began providing the necessary services to these areas during the second half of the year.
Eng. Akaak also expressed satisfaction with the progress of the ongoing projects within the Sezad. He emphasised that the first half of this year witnessed the official inauguration of several significant economic projects, most notably the Duqm Refinery, which was inaugurated under the auspices of His Majesty Sultan Haitham bin Tarik. The refinery, one of the Zone’s largest projects, is expected to transform Duqm into a leading energy hub in the region. With a production capacity of 230,000 barrels per day, the refinery will increase the Sultanate of Oman’s refining capacity to approximately 500,000 barrels per day.
He also mentioned the official opening of the multipurpose fishing port, the largest fishing port in the Sultanate of Oman, along with the launch of the freight services and customs terminal at Port of Duqm, the government quay, and the completion of main roads 1 and 5 at the port. Additionally, the Wadi Jurf and Wadi Saay dams were completed to protect the projects in the area from flood risks.
Discussing newly operational projects in the first half of the year, Eng. Akaak noted the commencement of several new projects, including the trial operation of the International Seafood Company (Simak), a subsidiary of Fisheries Development Oman (FDO) is the largest tuna and sardine canning plant in the region, with an annual production capacity of 100 million cans of tuna. Additionally, Asyad Group has taken over the management and operation of the Asyad Terminals Duqm, equipped with the latest technology, including gantry cranes and yard cranes, to increase productivity and improve handling operations.
Eng. Akaak concluded by emphasizing that the growth witnessed in the Sezad reflects the increasing interest from both local and international investors. He also praised the support provided by the Public Authority for Special Economic Zones and Free Zones (Opaz), which plays a direct role in supervising the zone’s development and attracting investments. Sezad remains committed to facilitating procedures for investors and helping them overcome any challenges they may face.
