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Observer
03-05-2025
- Business
- Observer
Oman emerges as regional hub for renewable energy equipment manufacturing
MUSCAT: Oman is making strategic strides in positioning itself as a regional hub for renewable energy equipment manufacturing, aligning with the goals of Oman Vision 2040 to build a diversified, technology-driven, and sustainable economy. Dr Saleh bin Saeed Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, highlighted the importance of industries such as solar panels, wind turbines, energy storage systems, and green hydrogen electrolyzers in the Sultanate of Oman's 2040 Industrial Strategy. These sectors are seen as essential to Oman's transformation toward innovation-led and low-carbon industrial development. He noted that the government is implementing specific initiatives to establish integrated industrial complexes for renewable energy, backed by dedicated programs and strong inter-agency cooperation. Among the key developments is a renewable energy industrial complex being set up in the Sohar Free Zone, with support from the ministry and other stakeholders. This initiative is already attracting high-value precision industries. Engineer Khalid bin Salim al Qasabi, Director General of Industry at the ministry, said this transformation strengthens Oman's global standing in renewable energy manufacturing. He revealed that the Sohar Free Zone has attracted three major solar energy projects worth over one billion Omani rials. One of the landmark projects is being developed by United Solar, which is building the Middle East's first polysilicon production facility. The factory, with an investment of approximately $1.35 billion, was 80% complete as of April. Polysilicon is the key raw material used in solar cell manufacturing, and the plant will have an annual output capacity of 100,000 metric tons, significantly reducing the need for imported raw materials and enhancing value-added manufacturing. In November 2024, Chinese firm Jitai Solar signed an agreement to lease land in Sohar Free Zone for a high-tech solar panel factory with a capacity of 5 gigawatts per year. The panels will primarily serve markets in the Gulf and Africa. JA Solar, a global leader in solar cell manufacturing, also announced plans to establish a facility in Sohar with a production capacity exceeding 40 gigawatts annually. The RO 217 million (US$564 million) investment will benefit from Sohar's robust infrastructure and the strategic location of the Port of Sohar, offering direct access to Europe, Asia, the GCC, and Africa. Engineer Jassim bin Saif al Jadidi, Technical Director at the Ministry, described these developments as a qualitative leap for Oman's industrial sector. He said the creation of a fully integrated solar energy manufacturing complex—from raw materials to finished panels—marks an unprecedented level of industrial integration in the region. This strategic clustering of renewable energy industries is expected to reduce production costs by up to 20%, stabilize supply chains amid global disruptions, and transform Oman into a reliable exporter of clean energy technologies. The projects will also boost the industrial sector's contribution to GDP and generate over 3,000 direct and indirect jobs. Additionally, they are set to attract complementary investments in related fields such as pure silicon, glass, transformers, and batteries, further strengthening Oman's green supply chain capabilities. With the completion of these projects, Oman is poised to become a regional center for green manufacturing and a global supplier of renewable energy technologies. — ONA
Observer
22-03-2025
- Business
- Observer
Oman and Bahrain explore better economic ties
MUSCAT: The one-day symposium on economic and financial integration between the Sultanate of Oman and the Kingdom of Bahrain held under the auspices of Dr Saleh bin Saeed al Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, discussed opportunities and challenges in enhancing the bilateral economic ties between the two countries and better vistas for better economic ties at the National Bank of Oman Hall in Al Athaiba. Organised by the Omani-Bahraini Friendship Society in cooperation with the Embassy of the Kingdom of Bahrain to the Sultanate of Oman and the Omani Economic Society, the symposium, titled 'Economic and Financial Integration between the Sultanate of Oman and the Kingdom of Bahrain,' is part of the symposiums of the 25th Economic Council of the Omani Economic Society, on Monday. Adnan Ahmed Yousef, Chairman of the Bahrain Banks Association joined the symposium from the Kingdom of Bahrain along with Saud bin Ahmed al Nahari, Chairman of the Board of Directors of the Oman-Bahrain Investment Company; and Engineer Hamad bin Mohammed al Wahaibi, economic and financial experts from the Sultanate of Oman. Al Wahaibi is Vice President of the Omani Economic Association, and the dialogue was moderated by Dr Ahmed Saeed Kashoub, Head of the Investment Sector for Financial Markets and Head of the Index Office for Financial and Economic Consultations. The symposium further delved into five themes, such as 'The Current Reality of Economic and Financial Relations between the Two Brotherly Countries,' 'Available Opportunities for Enhancing Economic and Financial Integration,' 'The Role of the Private Sector in Promoting Economic Integration between the Two Brotherly Countries' (The Oman-Bahrain Investment Company as a Model), 'The Future Vision for Enhancing Economic and Financial Integration between the Two Brotherly Countries,' and finally, 'Practical Solutions and Proposals. This symposium was held in light of the fraternal, close, and historical relations between the two brotherly countries and peoples, which reflect the sincere desire and keenness of the wise leaderships of both countries, and their lofty directives to develop and nurture relations in all fields, to achieve the highest levels of coordination, cooperation, and rapprochement, and to achieve integration between the Sultanate of Oman and the Kingdom of Bahrain. This symposium also aimed to maximise the volume of trade exchange between the two brotherly countries, review investment opportunities in both countries, and discuss challenges and develop solutions, to advance sustainable development and establish partnerships between the two sides in various economic fields. Dr Juma bin Ahmed al Kaabi, Ambassador of the Kingdom of Bahrain to the Sultanate of Oman, considered the organisation of this symposium at this time to be one of the fruitful outcomes of the state visit of His Majesty King Hamad bin Isa Al Khalifa to the sisterly Sultanate of Oman in January of this year. He emphasised that the objectives of this symposium reflect the outcomes of the Kingdom of Bahrain's Vision 2030 and the Sultanate of Oman's Vision 2040. Rudaina bint Amer al Hajri, President of the Omani-Bahraini Friendship Association, indicated that organising this symposium was the first fruit of cooperation between the Friendship Association and the Omani Economic Association, and also the fruit of cooperation and coordination between the Embassy of the Kingdom of Bahrain in the Sultanate of Oman. ---Ends---
Zawya
11-02-2025
- Business
- Zawya
Omani-Brunei explore ways to boost bilateral trade relations
Muscat: The Omani-Brunei Joint Committee held its fourth meeting in Muscat on Monday to discuss means of enhancing cooperation between the two countries in the economic, investment and cultural fields. The Omani side was chaired by Dr. Saleh Said Massan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, while the Brunei side was chaired by Dr. Hajah May Fa'ezah binti Haji Ahmad Ariffin, Permanent Secretary (Economy) at the Ministry of Finance and Economy, Brunei Darussalam. The meeting reviewed the trade and investment relations between the two countries and means of promoting them in sectors of common interest. These include the exchange of expertise in best practices in writing and developing curricula, mechanisms for drafting school books, and career guidance programmes in both countries, in addition to enhancing cooperation in student guidance programs, health awareness initiatives, studying labour market trends and future needs. The meeting also discussed the topic of organising regular dialogue sessions featuring prominent writers and thinkers from both countries, encouraging mutual participation in cultural, sports and youth festivals, events and exhibitions, as well as organising training camps for sports teams in tourist cities in both countries. During the meeting, the two sides agreed to enhance the exchange of scholarships for undergraduate and postgraduate studies, support the exchange of students and academics between higher education institutions in the Sultanate of Oman and Brunei Darussalam, facilitate the exchange of information on the procedures for submitting applications for recognition of Omani higher education institutions with the authorities concerned in Brunei, enhance cooperation in teaching Arabic to non-native speakers, organise direct bilateral programmes between Omani higher education institutions and their counterparts in Brunei, and benefiting from Brunei Vision 2035 in the areas of lifelong learning and private education. The Omani side expressed its interest in benefiting from Brunei Darussalam's experience in improving its ranking in the human development index, encouraging investment in tourism projects and products between the two countries, enhancing cooperation in exchanging expertise and experiences related to training and qualifying workers in tourism site management and local community empowerment initiatives, identifying best practices in sustainable tourism development and promotion, and supporting the establishment of unique and high-quality tourism projects and products that serve the common interests of the two countries. © Muscat Media Group Provided by SyndiGate Media Inc. (
