Al Wusta a vital regional hub for maritime logistics
Published: 03:10 PM,Oct 20,2024 | EDITED : 07:10 PM,Oct 20,2024
BUSINESS REPORTER
MUSCAT, OCT 20
The 5th Duqm Forum, held at the Oman Convention and Exhibition Centre, focused on the vast investment opportunities available in Al Wusta Governorate, emphasising the blue economy, food security, logistics, tourism and renewable energy sectors.
The event was organised by the Al Wusta Governorate branch of the Oman Chamber of Commerce and Industry, in collaboration with the Foreign Ministry and the Public Authority for Special Economic Zones and Free Zones.
Shaikh Ahmed bin Musallam al Kathiri, Governor of Al Wusta, highlighted the governorate’s role as a key national economic centre, integral to Oman Vision 2040.
Rich in natural resources, Al Wusta has attracted significant investments, particularly in oil and gas. Efforts to improve infrastructure and public services in the governorate are valued at RO 7.5 million, while tourism and entertainment development projects have secured RO 13 million.
The governorate’s strategic location in the Wilayat of Duqm positions it as a vital regional hub for maritime logistics, with proximity to global ports and industrial zones, contributing to Oman’s broader goals of economic diversification and job creation.
Al Kathiri announced that the Special Economic Zone at Duqm (SEZD) attracted over RO 6 billion in total investments by the third quarter of 2024. He also underscored the importance of the Duqm Refinery, a project valued at over $8 billion with a production capacity of 230,000 barrels per day.
In renewable energy, Al Wusta is home to five of the eight national projects for green hydrogen, solar, and wind energy, part of a broader $49 billion investment in sustainable energy. These projects are positioning Oman as a global competitor in the renewable energy market.
In addition to energy, the governorate is advancing blue carbon initiatives, including a $100 million project to establish artificial lakes for mangrove cultivation, aimed at reclaiming 20,000 hectares of land to accommodate 100 million mangrove trees.
This project is expected to generate environmental and economic benefits, alongside fish wealth development, a sector that contributes 37 per cent of the governorate’s GDP.
Current investments in the fisheries sector total RO 611.5 million, with high-impact projects like the Al Jazar shrimp farming project valued at RO 462 million, targeting an annual production capacity of 220,000 tonnes. Other key initiatives include RO 105 million in fish and food industries, and RO 102 million in marine fishing port projects across Duqm, Mahout, and Al Jazar.
The forum was inaugurated by His Highness Sayyid Harib bin Thuwaini al Said, Assistant Secretary-General of the Council of Ministers for Conferences.
MUSCAT, OCT 20
The 5th Duqm Forum, held at the Oman Convention and Exhibition Centre, focused on the vast investment opportunities available in Al Wusta Governorate, emphasising the blue economy, food security, logistics, tourism and renewable energy sectors.
The event was organised by the Al Wusta Governorate branch of the Oman Chamber of Commerce and Industry, in collaboration with the Foreign Ministry and the Public Authority for Special Economic Zones and Free Zones.
Shaikh Ahmed bin Musallam al Kathiri, Governor of Al Wusta, highlighted the governorate’s role as a key national economic centre, integral to Oman Vision 2040.
Rich in natural resources, Al Wusta has attracted significant investments, particularly in oil and gas. Efforts to improve infrastructure and public services in the governorate are valued at RO 7.5 million, while tourism and entertainment development projects have secured RO 13 million.
The governorate’s strategic location in the Wilayat of Duqm positions it as a vital regional hub for maritime logistics, with proximity to global ports and industrial zones, contributing to Oman’s broader goals of economic diversification and job creation.
Al Kathiri announced that the Special Economic Zone at Duqm (SEZD) attracted over RO 6 billion in total investments by the third quarter of 2024. He also underscored the importance of the Duqm Refinery, a project valued at over $8 billion with a production capacity of 230,000 barrels per day.
In renewable energy, Al Wusta is home to five of the eight national projects for green hydrogen, solar, and wind energy, part of a broader $49 billion investment in sustainable energy. These projects are positioning Oman as a global competitor in the renewable energy market.
In addition to energy, the governorate is advancing blue carbon initiatives, including a $100 million project to establish artificial lakes for mangrove cultivation, aimed at reclaiming 20,000 hectares of land to accommodate 100 million mangrove trees.
This project is expected to generate environmental and economic benefits, alongside fish wealth development, a sector that contributes 37 per cent of the governorate’s GDP.
Current investments in the fisheries sector total RO 611.5 million, with high-impact projects like the Al Jazar shrimp farming project valued at RO 462 million, targeting an annual production capacity of 220,000 tonnes. Other key initiatives include RO 105 million in fish and food industries, and RO 102 million in marine fishing port projects across Duqm, Mahout, and Al Jazar.
The forum was inaugurated by His Highness Sayyid Harib bin Thuwaini al Said, Assistant Secretary-General of the Council of Ministers for Conferences.