SOHAR secures $4 billion in new investments
Published: 06:11 PM,Nov 23,2024 | EDITED : 10:11 PM,Nov 23,2024
SOHAR has achieved a remarkable increase in Foreign Direct Investment (FDI), surpassing $4 billion of total new investments.
As Oman commemorates its 54th National Day, SOHAR Port and Freezone proudly announces its 2024 performance results through September, reflecting its expanding role in bolstering the Sultanate’s economy and its steadfast dedication to supporting local communities through impactful CSR initiatives. With a strategic focus on sustainable growth and innovation, SOHAR has solidified its position as a leading investment and logistics hub, driving national progress in alignment with Oman Vision 2040.
Over the past year, SOHAR has achieved a remarkable increase in Foreign Direct Investment (FDI), surpassing $4 billion of total new investments. This surge was fueled by the signing of 12 new agreements to date, including transformative projects like the Marsa LNG bunkering initiative, United Solar Holdings’ polysilicon factory, and a landmark iron ore concentration plant in partnership with Jinnan Steel & Iron Group. These investments not only underscore SOHAR’s commitment to economic diversification but also play a crucial role in supporting Oman’s vision for a sustainable and prosperous future.
Logistics operations at SOHAR Port have shown steady growth, with container handling increasing by 21%, general cargo handling growing by 45%, and a 30% rise in ship-to-ship transfers. Additionally, the handling of roll-on/roll-off cargo rose by 25%, highlighting SOHAR Port’s capabilities and its ability to meet the rising demands in the logistics, shipping, and maritime transport sectors.
SOHAR Freezone continues to thrive, with 85% of land in Phase 1 fully occupied and 55% of Phase 2 already committed. Growth in 2024 has been further driven by 10 new contracts specific to the Freezone signed to date, reflecting robust business development and sustained investment activity. New investments amounting to USD 1.853 billion underscore the Freezone’s dynamic expansion efforts. To date, total investment in the Freezone has reached an impressive USD 3.292 billion, demonstrating significant economic growth and investor confidence, with tenants from 49 different countries. Additionally, the Freezone has achieved an 8.61% increase in warehouse utilization, highlighting enhanced storage efficiency and strong demand for space.
Additionally, SOHAR's commitment to maximizing local benefits is evident in the significant rise in In-Country Value (ICV), as demonstrated by the total value of locally awarded contracts. This remarkable 240% increase recorded up until September 2024 compared to same period last year, underscores its dedication to strengthening the local economy through its operations.
”As we celebrate Oman’s 54th National Day, our focus remains on fostering a thriving ecosystem that benefits all stakeholders,” said Emile Hoogsteden, CEO of SOHAR Port. “At SOHAR Port and Freezone, we are a destination connecting businesses to the world leveraging our strategic location to attract transformative investments and drive innovation and sustainable practices. By doing so, we ensure that our achievements today lay the groundwork for tomorrow’s success, empowering our communities and contributing to the nation’s long-term prosperity.”
SOHAR is committed to uplifting local communities beyond business success through robust CSR initiatives focused on education and entrepreneurship. This year more than 56,411 people have benefited from at least one of SOHAR's 16 CSR projects and initiatives. The standout Maseer program, designed to equip young Omanis with essential technical skills for future employment, highlights this dedication. Additionally, SOHAR supports elderly and disabled individuals by providing essential medical equipment, underscoring its commitment to fostering inclusive growth and supporting vulnerable populations.
Mohammed al Shizawi, Acting CEO of SOHAR Freezone, emphasized the transformative journey of SOHAR over the past two decades, stating, “SOHAR Freezone’s story is not just about growth; it’s about the people at the heart of this journey. Each partnership we forge creates meaningful opportunities for the Al Batinah region and Omani communities. Our commitment to sustainable development positions SOHAR as a hub for innovative industries aligned with Oman’s long-term vision. Together with our dedicated team and stakeholders, we are building a strong foundation that supports a thriving economy and empowers local talent, ensuring a resilient future for Oman.”
Over the past year, SOHAR has achieved a remarkable increase in Foreign Direct Investment (FDI), surpassing $4 billion of total new investments. This surge was fueled by the signing of 12 new agreements to date, including transformative projects like the Marsa LNG bunkering initiative, United Solar Holdings’ polysilicon factory, and a landmark iron ore concentration plant in partnership with Jinnan Steel & Iron Group. These investments not only underscore SOHAR’s commitment to economic diversification but also play a crucial role in supporting Oman’s vision for a sustainable and prosperous future.
Logistics operations at SOHAR Port have shown steady growth, with container handling increasing by 21%, general cargo handling growing by 45%, and a 30% rise in ship-to-ship transfers. Additionally, the handling of roll-on/roll-off cargo rose by 25%, highlighting SOHAR Port’s capabilities and its ability to meet the rising demands in the logistics, shipping, and maritime transport sectors.
SOHAR Freezone continues to thrive, with 85% of land in Phase 1 fully occupied and 55% of Phase 2 already committed. Growth in 2024 has been further driven by 10 new contracts specific to the Freezone signed to date, reflecting robust business development and sustained investment activity. New investments amounting to USD 1.853 billion underscore the Freezone’s dynamic expansion efforts. To date, total investment in the Freezone has reached an impressive USD 3.292 billion, demonstrating significant economic growth and investor confidence, with tenants from 49 different countries. Additionally, the Freezone has achieved an 8.61% increase in warehouse utilization, highlighting enhanced storage efficiency and strong demand for space.
Additionally, SOHAR's commitment to maximizing local benefits is evident in the significant rise in In-Country Value (ICV), as demonstrated by the total value of locally awarded contracts. This remarkable 240% increase recorded up until September 2024 compared to same period last year, underscores its dedication to strengthening the local economy through its operations.
”As we celebrate Oman’s 54th National Day, our focus remains on fostering a thriving ecosystem that benefits all stakeholders,” said Emile Hoogsteden, CEO of SOHAR Port. “At SOHAR Port and Freezone, we are a destination connecting businesses to the world leveraging our strategic location to attract transformative investments and drive innovation and sustainable practices. By doing so, we ensure that our achievements today lay the groundwork for tomorrow’s success, empowering our communities and contributing to the nation’s long-term prosperity.”
SOHAR is committed to uplifting local communities beyond business success through robust CSR initiatives focused on education and entrepreneurship. This year more than 56,411 people have benefited from at least one of SOHAR's 16 CSR projects and initiatives. The standout Maseer program, designed to equip young Omanis with essential technical skills for future employment, highlights this dedication. Additionally, SOHAR supports elderly and disabled individuals by providing essential medical equipment, underscoring its commitment to fostering inclusive growth and supporting vulnerable populations.
Mohammed al Shizawi, Acting CEO of SOHAR Freezone, emphasized the transformative journey of SOHAR over the past two decades, stating, “SOHAR Freezone’s story is not just about growth; it’s about the people at the heart of this journey. Each partnership we forge creates meaningful opportunities for the Al Batinah region and Omani communities. Our commitment to sustainable development positions SOHAR as a hub for innovative industries aligned with Oman’s long-term vision. Together with our dedicated team and stakeholders, we are building a strong foundation that supports a thriving economy and empowers local talent, ensuring a resilient future for Oman.”