BUSINESS REPORTER
MUSCAT, MARCH 11
United Solar Holding Inc recently broke ground on a groundbreaking polysilicon factory project in SOHAR Port and Freezone, marking a significant investment exceeding RO 520 million ($1.3 billion). Expected to have an annual production capacity of 100,000 tonnes, this project is set to be the largest of its kind in the Middle East and is aligned with Oman Vision 2040's goals of promoting green hydrogen production and reducing solar panel costs.
The inauguration ceremony, held under the auspices of Sultan al Habsi, Minister of Finance, was attended by esteemed officials and dignitaries, emphasising the project's importance in driving economic diversification and creating job opportunities, especially for Omani youth. Ibtisam al Farooji, Under-Secretary of the Ministry of Commerce, Industry, and investment Promotion for Investment Promotion, emphasised the project's alignment with Oman's Vision 2040 to bolster local investment and attract foreign direct investment.
Dr Saleh bin Musan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, emphasized 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”.
The project's focus on clean energy, particularly solar, aligns with Oman's Manufacturing Strategy 2040 and renewable energy goals, with solar energy production already making substantial contributions to the country's energy mix. Dr Saleh emphasised the project's potential to enhance GDP and integrate Oman into the global supply chain, initiating new modern industries and boosting economic growth.
Dr Mansour al Hinai, Chairman of Authority of Public Services Regulatory, praised the project as a major investment in the region, supporting Oman's green hydrogen policies and driving localisation of alternative energy industries. The project is expected to provide specialized training for Omanis and contribute to lowering operational expenses in the solar sector, ultimately attracting more global investments.
Omar al Mahrizi, CEO of SOHAR Freezone and Deputy CEO of SOHAR Port, highlighted the strategic role of SOHAR in fostering investment and growth in the region, emphasizing the project's contribution to global trade and downstream industries. The expansion of SOHAR Freezone's infrastructure further supports the growing demand for industrial space and innovation, aligning with Oman's economic development goals.
Abbas al Lawati, Investment Analyst at Invest Oman, noted the project's potential impact on various sectors in Oman, particularly in green hydrogen and alternative energy production. The venture is expected to pave the way for future investments in the renewable energy sector, positioning Oman as a key player in sustainable energy solutions.
United Solar Holding Inc. remains committed to advancing renewable energy solutions globally, with the SOHAR project poised to make significant contributions to the renewable energy field while promoting economic progress and environmental sustainability in Oman and beyond.
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