Oman has signed a package of 10 agreements and memorandums of understanding worth 2.9 billion Omani rials ($7.5 billion) to develop industrial, energy and tourism projects in the Duqm Special Economic Zone. The agreements were signed by the Public Authority for Special Economic Zones and Free Zones during a ceremony in Duqm, according to the Oman News Agency.
Major Projects and Investments
The package includes some of the largest projects planned for the zone, led by the downstream works for the second and third phases of ACME Group's green hydrogen project, which account for investments of 1.6 billion rials. Other key deals include the design, construction, and operation of a power plant by Al Sahel Power Co., in partnership with the Oman Power and Water Procurement Co., with an investment cost of 350 million rials.
Additional projects encompass a facility to manufacture anode materials for electric vehicle batteries, valued at about 192.2 million rials, and a residential city for Jindal Steel employees comprising 500 housing units at a cost of 30 million rials. Furthermore, a 12.3 million-rial chemical products manufacturing plant by Duqm Chemical Industries, a steel structures manufacturing project worth 10 million rials by DSD Ferrometalco, and a precast concrete formwork facility valued at 5.7 million rials by Al Qiyadah Construction Technology are part of the investment package.
Memorandums of Understanding
Three memorandums of understanding were also signed alongside the investment agreements. The first, with OQ Group, covers the development of a natural gas liquids separation and treatment facility in Duqm's petrochemical industrial zone, with planned investments of 288 million rials. Another agreement with Trot Holdings involves the development of an integrated industrial complex spanning 1 million square meters and valued at 192.2 million rials. A third memorandum, signed with Ruby Investment and Development, relates to the construction of an integrated tourism and technology complex on a 200,000 square meter site, including two hotels and a shopping mall, with investments estimated at 184.5 million rials.
Strategic Alignment with Vision 2040
The investments support Oman's Vision 2040 strategy to diversify the economy by expanding industrial production, logistics, renewable energy and foreign investment. Duqm has emerged as a focal point of those efforts, attracting projects in manufacturing, clean energy and export-oriented industries.
Qais bin Mohammed Al-Yousuf, chairman of OPAZ, said the agreements reflect continued efforts to strengthen Oman's investment environment and reinforce the attractiveness of the Special Economic Zone at Duqm. He added that the deals demonstrate the confidence of local and international investors in Oman's business climate, as well as in Duqm's infrastructure and its growing role in regional and global trade and supply chains.
Al-Yousuf said the projects are aligned with global investment trends in the green economy, renewable energy and electric vehicle battery components. He added that tourism developments and employee housing projects included in the package would help improve quality of life in Duqm, while supporting economic activity, increasing local added value and creating jobs.
Ali Akaak, CEO of the Special Economic Zone at Duqm, said the projects align with the zone's strategy to attract high-quality investments and reflect growing investor confidence in Duqm's next phase of industrial and economic development.
