Latest news with #OmanIndustrialStrategy2040
Observer
3 days ago
- Business
- Observer
Oman opens first copper waste recycling plant
Oman has inaugurated its first industrial plant dedicated to converting legacy copper mining waste into high-purity copper using renewable energy and eco-friendly technologies — a major step toward green industrialisation and sustainable resource management in line with Oman Vision 2040 goals. Located in the Wilayat of Suhar, the plant was officially opened on Monday under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. The launch was attended by ministers, senior officials and business leaders from across Oman's public and private sectors. Developed by Green Tech Mining and Services, the project is the first of its kind in the country. It was made possible through a strategic partnership between Oman Mining Company and Austria-based BPG Group, with support from the Ministry of Commerce, Industry and Investment Promotion. Total investment exceeds RO 41 million. The initiative aims to turn environmental liabilities into economic value by reprocessing waste from historical copper mining operations. The first production phase is scheduled to begin in June 2025 with an output capacity of 60 tonnes of copper cathodes per year. By December 2026, capacity is expected to scale to 12,000 tonnes annually — significantly enhancing Oman's footprint in the regional green mining sector. Dr Saleh bin Said Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, described the project as a 'qualitative leap' in Oman's industrial trajectory. 'This plant integrates environmental sustainability with economic diversification and industrial localisation. It reflects our commitment to innovation-led development and cleaner industrial practices.' The project also supports the Oman Industrial Strategy 2040 by boosting value-added production, attracting high-tech investments and localising industries that harness the country's natural resources. Copper cathodes produced at the facility will be classified as sustainably recycled metal — a key asset in global decarbonisation supply chains. Khalid bin Salim al Qasabi, Director-General of Industry at the ministry, said the plant represents a practical embodiment of the ministry's push to enable advanced industrial projects. 'We worked to ensure streamlined procedures and robust technical standards to bring this facility online. It's a model of regulatory coordination and sustainable investment.' Ernst Grissemann, CEO of BPG Group, highlighted the long-term vision behind the project, which began in 2018. 'The use of renewable energy and the plant's zero-waste approach underlines our dedication to the responsible industry. This facility positions Oman as a regional hub for green transformation in the mining sector.' As Oman seeks to elevate its industrial competitiveness, reduce environmental impact, and create new value chains from existing resources, this project offers a blueprint for scalable, environmentally responsible industrial growth — reinforcing the Sultanate's position in the global transition to sustainable development.
Muscat Daily
4 days ago
- Business
- Muscat Daily
Oman's first copper recycling facility costing RO41mn launched
Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) officially inaugurated Oman's first facility dedicated to recycling copper from mining waste on Monday, marking a significant development in the sultanate's green industrial efforts. The RO41mn plant is located in Suhar. Developed by Green Tech Mining and Services, the facility uses sustainable technologies to process legacy mining waste into copper cathodes. It is the first of its kind in Oman and aims to support the sultanate's transition towards a green economy. The opening was held under the patronage of H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and attended by senior officials and industry representatives. The project forms part of wider goals under Oman Vision 2040 and the Oman Industrial Strategy 2040, which aim to increase the added value of local resources, localise industries and enhance competitiveness of the sultanate's industrial base. The integrated complex was developed through a partnership between BPG Group and Oman Mining Company, with direct support from MoCIIP. Production is scheduled to be-gin in June 2025, with an initial output of 60 tonnes of copper cathodes per year. The capacity is expected to increase to 12,000 tonnes annually by December 2026, making Oman a regional player in sustainable mining. H E Dr Saleh bin Saeed Masan, Undersecretary for Commerce and Industry in MoCIIP, said the facility represents a 'qualitative leap' in building an innovation-led and sustainable industrial sector. 'This project is a practical example of clean technology in action, and a testament to the government's commitment to integrating sustainability into industrial development,' he said. Khalid bin Salim al Qasabi, Director General of Industry in MoCIIP, stated that the facility supports the ministry's aim to promote industrial projects that meet global environmental and technical standards. Imran Shaikh, Managing Director of Green Tech Mining and Services, said the project is the result of a long-term partnership that began in 2018. 'Launching the first phase of production using renewable energy is a strong reflection of our commitment to sustainability and Oman's green economy.'
Observer
03-05-2025
- Business
- Observer
Oman's strategic vision drives diversification and global investment appeal
MUSCAT: The Sultanate of Oman is making confident strides toward a comprehensive economic transformation, guided by Oman Vision 2040—its national roadmap to diversify the economy, attract foreign investments, enhance governance, and promote sustainability. A recent Oxford Business Group (OBG) report highlights the tangible progress being made across key sectors, positioning Oman as a rising regional and global economic force. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, emphasized that Oman's investment strategy is built on modernizing the business environment, developing human capital, fostering innovation, and accelerating digital transformation. These pillars are the foundation of 'Renaissance 2.0,' Oman's bold economic transformation plan targeting emerging sectors such as manufacturing, logistics, mining, tourism, agriculture, fisheries, and renewable energy. Al Yousef also underscored Oman's strategic geographic advantage—serving as a trade gateway between Asia and Africa—supported by modern infrastructure, including efficient ports, highways, and industrial zones. According to World Bank reports, Oman leads the GCC in terms of fast-tracking import-export procedures, reducing shipping times by up to 40 per cent compared to regional peers. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. Innovation is driving this transformation. Oman is advancing major initiatives such as green hydrogen production in Duqm, precision agriculture in Najd, AI-powered logistics, and smart tourism platforms—all hallmarks of its shift toward a diversified, knowledge-based economy. Ibtisam bint Ahmed al Farooji, Under-Secretary for Investment Promotion, noted that Oman is increasingly attractive to foreign investors. Ranked fourth globally for foreign direct investment (FDI) appeal in 2023, Oman's FDI inflows grew by 19.3 per cent between Q1 2023 and Q1 2024. Key investment partners include China—with RO 1.4 billion invested in 2023—alongside India, Japan, South Korea, and Denmark, which is partnering with Oman on the $6 billion Amnah Green Hydrogen project. Oman's economic diversification is further bolstered by the Oman Industrial Strategy 2040, which aims to double the manufacturing sector's contribution to RO 10.8 billion and attract annual investments exceeding RO 1.9 billion. The industrial sector alone recorded GDP of RO 3.8 billion in 2023, while FDI in this sector surpassed RO 2.2 billion in early 2024. Ibtisam bint Ahmed al Farooji, Under-Secretary for Investment Promotion. The logistics and transport sector is a major growth driver. Key projects—like the Oman-Etihad Rail, Khazaen Economic City, and air/sea connectivity expansions—leveraged Oman's strategic location to boost GDP contributions to RO 1.7 billion in the first nine months of 2024. By 2040, this is expected to rise to RO 13.8 billion, creating around 300,000 jobs. Reforms such as a new maritime law and the adoption of smart systems like the Port Community System have dramatically cut shipment processing times. Meanwhile, Oman is advancing toward food security. By 2040, the goal is full self-sufficiency, with strong performance already in fish (162%), fresh milk (97%), and eggs (92%). The agriculture and fisheries sectors now employ over 139,000 people and are tapping into 1.4 million hectares of land using smart technologies and integrated approaches. The mining sector is also gaining momentum, with GDP reaching RO 229.3 million in 2023 and mineral exports rising by 71 per cent. Oman is developing high-value projects such as a titanium dioxide plant and an aluminum wheel factory, while opening 110 new mining blocks. The sector benefits from robust legislation and infrastructure, encouraging both local and foreign investment. Tourism, another pillar of diversification, recorded a 12 per cent increase in visitors in Q1 2024 compared to 2023. Oman aims to welcome 11 million annual visitors by 2040 through expanded visa access, strategic partnerships (e.g., with Saudi Arabia), and investment in ecotourism, culinary experiences, and heritage development—including plans to open 25 heritage sites for investment by 2025. Urban development complements tourism growth. Oman's real estate and city planning strategies include 18 initiatives tied to 16 priorities and 32 indicators. These aim to build sustainable, digitally integrated urban spaces that cater to rising populations and modern lifestyles. While oil remains a vital part of the economy—contributing RO 7.2 billion to GDP in Q2 2024—Oman is investing heavily in renewable energy. Through Hydrom, the country targets green hydrogen production of 1 million tons by 2030, scaling up to 8.5 million tons by 2050. This output is equivalent to 80% of Oman's current LNG exports. Finally, digital transformation is a cornerstone of Oman's future. With significant progress in 5G, cloud computing, and data infrastructure, Oman is positioning itself as a regional tech hub. These advancements support the digital economy's growing contribution to GDP and align with Vision 2040's broader goal of sustainable, innovation-led growth. — ONA
Muscat Daily
28-04-2025
- Business
- Muscat Daily
Oman inks $564mn deal with Chinese firm to set up solar plant
By OUR CORRESPONDENT Muscat – Oman has signed a multi-million dollar agreement with China's JA Solar to establish a large-scale solar cell and panel manufacturing facility in the second phase of Sohar Freezone as part of efforts to boost renewable energy and diversify the economy. The RO217.3mn (US$564mn) project will cover 32.5 hectares and is expected to begin operations in the first quarter of 2026. The plant will have annual production capacity of up to 6GW of solar cells and 3GW of solar modules, positioning Oman as a key player in the clean energy value chain across the region. JA Solar signed agreements to this effect with Invest Oman, Sohar Port and Freezone, and Majis Industrial Services on Monday during the closing ceremony of Advantage Oman Forum, the sultanate's first international investment forum. Khalid bin Salim al Qassabi, Director General of Industry at Ministry of Commerce, Industry and Investment Promotion, said the project supports Oman Industrial Strategy 2040. 'The renewable energy sector is a priority for us due to its potential to create new industrial opportunities, increase contribution of industry to GDP, and diversify the energy mix,' he said. 'This project reflects our vision for developing future industries and promoting value-added investments.' Qassabi added that Oman aims to become a regional hub for renewable and green industries, with the new facility expected to attract investments. Fan Jingchao, General Manager at JA Solar Oman, said, 'Our facility marks a significant advancement in the solar PV supply chain, integrating all key components from polysilicon to modules. The strategic location within Sohar Freezone offers essential logistics and positions us in a rapidly growing renewable energy hub. 'By utilising cutting-edge technologies, we aim to produce high-quality, affordable solar panels that enhance accessibility and attract global investment, while expanding our presence in key markets.' On the occasion, Mohammed al Shizawi, Acting CEO of Sohar Freezone, said, 'In response to high investor demand and with the first phase nearing full occupancy, the ongoing expansion of the freezone is now underway to advance local solar manufacturing, reduce carbon emissions and raise regional sustainability standards. The project will drive industrial diversification, strengthen local supply chains and unlock new downstream investment opportunities critical to Oman's economic growth.' The agreement with JA Solar is seen as a milestone in Oman's efforts to attract foreign direct investment and strengthen its clean energy manufacturing sector.
Observer
28-04-2025
- Business
- Observer
Pacts signed for RO 217m solar cell project at Sohar Freezone
MUSCAT: Leading Chinese solar development company JA Solar signed agreements here yesterday for the establishment of a major plant specializing in the production of solar cells and panels at Sohar Freezone. The project, set on an area of 32.5 hectares within the second phase of the Sohar Freezone, represents a total investment of RO 217.3 million. The pacts were inked with Invest in Oman, Sohar Port and Freezone, and Majis Industrial Services during the Advantage Oman Forum 2025, which concluded in Muscat on April 28, 2025. JA Solar's project is scheduled to commence operations in the first quarter of 2026, with an annual production capacity of 6 gigawatts of solar cells and 3 gigawatts of solar panels. This agreement is expected to advance the goals of Oman Vision 2040 by supporting the country's transition towards renewable energy and economic diversification, while also reflecting growing investor interest in the second phase of the Sohar Freezone. Commenting on the signing, Eng Khalid bin Salim al Qassabi, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, said: 'The agreements to establish a solar cells and panels manufacturing facility in the Sohar Freezone, with investments totaling RO 217 million, embody the ambitious directions of the Oman Industrial Strategy 2040, which focuses on nurturing future industries and enhancing value-added investments. Renewable energy industries are a top priority within the strategy due to their significant potential to create promising industrial opportunities, support economic diversification, and boost the industrial sector's contribution to the GDP, while strengthening Oman's energy mix.' Al Qassabi further highlighted that the project, once operational in early 2026, will not only contribute to the clean energy value chain but also attract related industries, positioning Oman as a regional hub for renewable energy and green industries. The two-day Advantage Oman Forum, organised by the Ministry of Commerce, Industry and Investment Promotion, through Invest in Oman, brought together more than 250 senior officials, decision-makers, and regional and international investors, serving as a strategic platform that showcased Oman as a promising investment destination. In her closing remarks, Ibtisam bint Ahmed al Faroojiyah, Under-Secretary for Investment Promotion, emphasized that the forum was organized to support the country's economic diversification drive and to attract high-quality investments aligned with Oman's future vision. She added that the forum provided an outstanding platform to connect local and international investors with leading thought leaders and economic experts, facilitating the exchange of ideas and exploration of promising growth opportunities. Al Faroojiyah explained that the forum offered participants extensive opportunities to engage with leaders from both the public and private sectors, discuss key economic trends, and explore the investment map across vital sectors. She noted that the specialized panel discussions aimed to produce actionable, practical recommendations, inspired by regional and global success stories. She concluded by stressing the importance of the forum's outcomes and bilateral meetings, considering them a fundamental pillar in supporting Oman's efforts to achieve economic growth and transformation in line with national priorities. The second day of the forum featured panel discussions with key decision-makers, opportunities to build high-value partnerships, success stories from investors, and sector-specific roundtable meetings focusing on tourism, logistics, mining, food security, renewable energy, and information technology. The forum also enjoyed extensive international media coverage as part of a global promotional campaign positioning Oman as a regional and international investment hub. Renowned CNN journalist Richard Quest moderated two of the forum's main sessions. The 'Advantage Oman' Forum reaffirmed Oman's commitment to enhancing its investment climate in line with the objectives of Vision 2040, further solidifying its role as a regional economic center and a global investment destination.
