Latest news with #IndustryandInvestmentPromotionforInvestmentPromotion
Observer
28-04-2025
- Business
- Observer
Invest Oman facilitates landmark solar manufacturing deal at Advantage Oman Forum
Muscat: Invest OMAN, the government's official investment promotion arm under the Ministry of Commerce, Industry and Investment Promotion, led the signing ceremony of a major clean energy investment during the Advantage Oman Forum in Muscat. The agreement was signed between JA Solar Energy — one of the world's top four manufacturers and suppliers of high-performance solar cells and modules — on one side, and Invest OMAN, SOHAR Port and Freezone, and Majis Industrial Services SAOC on the other. This strategic investment marks a significant milestone resulting from the enablement and collaborative efforts with Invest OMAN, the government's gateway for facilitating large-scale investments in the Sultanate of Oman. The project's implementation is the result of a coordinated effort by key government institutions, including the Public Authority for Special Economic Zones and Free Zones (OPAZ), the Authority for Public Services Regulation, Oman Electricity Transmission Company (OETC), NAMA Supply and Majis Industrial Services. With a total investment of $565 million and covering an area of 32.8 hectares in the second phase of the Freezone, the project is set to deliver an annual production capacity of 6 gigawatts of solar cells and 3 gigawatts of solar modules. Primarily targeting Europe, the US, and local markets, operations are scheduled to begin in 2025. This project will play a significant role in advancing the renewable energy sector in the Middle East and aligns with Oman Vision 2040's goals for sustainable development. This landmark agreement also marks a major step in positioning Oman as a competitive destination for renewable technologies and advanced industrial production, in line with Vision 2040. Led by Invest Oman, the project's advanced technology and large-scale production will significantly enhance the region's renewable energy capabilities and contribute to global sustainability efforts. Ibtisam al Faroojia, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion Ibtisam al Faroojia, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, 'The signing of these landmark agreements underscore Oman's commitment to fostering a competitive and sustainable investment environment. This project aligns with Oman Vision 2040 by enhancing renewable energy capabilities, creating economic value and driving innovation in clean energy technologies. Through Invest OMAN's collaborative efforts, the Sultanate of Oman continues to position itself as a global hub for strategic, sustainable investments.' She added, 'As the government's dedicated gateway for investment promotion, Invest OMAN played a pivotal role in realizing this project. The plant's advanced technology and large-scale production will significantly boost the country's renewable energy potential and contribute to global sustainability efforts.' Mohammed al Shizawi, Acting CEO of SOHAR Freezone, emphasized, "The expansion of SOHAR Freezone highlights our strong appeal to investors and our key role in driving economic growth. With its strategic advantages and advanced infrastructure, the freezone is the perfect foundation for innovative projects like this one. This initiative reinforces our commitment to clean energy and supports Oman's vision for energy independence. By localizing solar panel production, we reduce our carbon footprint and set a new sustainability benchmark. Additionally, this project will contribute to the downstream sector, continuing the full ecosystem chain and fostering collaboration with existing industries in the freezone, further strengthening the renewable energy cluster." Victor Yang, President of Investment and Financing Center, JA Solar: said: "Our facility marks a significant advancement in the solar PV supply chain. The strategic location within SOHAR Freezone offers essential logistics and positions us in a rapidly growing renewable energy hub. By utilizing cutting-edge technologies, we aim to produce high-quality, affordable solar cells and panels that enhance accessibility and attract global investment, while expanding our presence in key markets." By establishing this manufacturing facility, SOHAR Port and Freezone reinforces its commitment to driving sustainable economic growth while positioning itself as a pivotal player in global trade. With 85% of Phase 1 fully leased, Phase 2 is actively expanding to accommodate further industrial needs across its 675 hectares of land. This milestone also serves as a testament to the trust and confidence in the freezone operations by investors and partners.
Times of Oman
26-01-2025
- Business
- Times of Oman
Workshop explores improving business environment in Oman
Muscat: Acting in cooperation with the Oman Vision 2040 Implementation Follow-up Unit, the Ministry of Commerce, Industry and Investment Promotion is organising a two-day workshop titled "Resolving Challenges Facing Business Practice". The workshop, held in Muscat, brings together representatives of government departments and investors from various sectors with the prime aim of enhancing the investment environment in the Sultanate of Oman in line with the objectives of Oman Vision 2040. The workshop focuses on means of addressing the challenges facing investors and enhancing integration between government departments to help devise policies that better support the flow of foreign direct investment (FDI). The workshop lays special emphasis on improving the Sultanate of Oman's ranking in international indices related to ease of doing business, a key step in strengthening the country's position as a global investment destination. The new policies being discussed during the workshop are envisaged to eventually ease the process of establishing and running projects, ameliorating integration among relevant authorities (to ensure unification of efforts), realising transparency and developing services provided to investors. In particular, the workshop will elaborate on challenges posed to employment, commercial companies, freezones, financing procedures, taxes, legislation, laws, tenders, and practical steps to improve economic performance and raise the level of competitiveness. The opening ceremony was attended by Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, Mahmoud Abdullah Al Owaini, Secretary General of the Ministry of Finance, Khalid Salim Al Ghammari, Undersecretary of the Ministry of Labour for Labour, experts and officials from authorities concerned.
