Oman Investment Authority unveils 13 development projects worth $9bn

By Arya M Nair, Official Reporter
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Oman Investment Authority (OIA), the Sultanate’s sovereign wealth fund unveiled 13 projects worth approximately $9 billion as part of celebrations marking the 51st National Day. The projects embody the OIA’s strategy that aligns with Oman Vision 2040.

The OIA eyes various goals for implementing the projects, such as to enhance efforts to diversify Oman’s economy, attract investments, empower government-private sector partnership, provide jobs for Omani citizens and realize fiscal sustainability, said Mr. Nassir Sulaiman Al Harthi, Deputy Chairman of OIA.

The 13 projects include:

  • Liwa Plastic Industries project (LPIC), the biggest industrial project in the sultanate, aimed to secure a sustainable future for energy. Oman OQ Group, the developer of the project announced in mid-2020 that the project began its testing.
  • Salalah Liquefied Petroleum Gas project (SLPG), aimed to realize high added value from Omani gas. The project is expected to transform Salalah Port into a major LPG and condensate export hub.
  • Petroleum Coke Installation at Sohar Free Zone, whose annual production capacity stands at 500,000 tons that can be increased in upcoming stages. The project also operates 24 megawatts as a subsidiary project.
  • Ibri Solar Plant project, Oman’s largest utility-scale solar PV Independent Power Project (IPP) which encourages the use of renewable energy to meet local demand for electrical power.
  • Al Murooj Dairy Products, the first food security project of its kind in the Sultanate of Oman and the GCC. It will target camel and cattle breeders in Dhofar and Al Wusta governorates and other small and medium enterprises (SMEs).
  • Al Bashayer Meat project, an integrated livestock rearing and meat processing project operating in three centers around the country, in addition to a veterinary clinic.
  • A shrimp farm in Jaalan Bani Bu Hassan focusing on white-leg shrimp. It is the first commercial project of its kind targeting 4,500 tons per annum.
  • Khazaen Land Port (dry port) in South Al Batinah, which falls in Khazaen Economic City. It serves as an important link among seaports, airports and land ports and connects major business and industrial zones.
  • The One-Stop-Station in Salalah, which serves as a single platform for government audit and inspection departments. It works in close coordination with “Bayan” risk management system to facilitate import and export operations.
  • Ahjar Quarry Company, based in the Wilayat of Liwa and implemented as part of partnership with the private sector. This mining project covers an area of two square kilometers. License was first awarded for the exploitation of the Gabbro area in 2019. The project eyes 5 metric tons per annum and it is expected to last 50 years.
  • Karwa Motors project in Duqm, which constitutes partnership between the Sultanate of Oman and the State of Qatar. It is designed to produce three types of hi-tech made-in-Oman school buses and city transport buses.
  • Oman International Hospital project, a government-private sector partnership, will provide advanced healthcare services to citizens and residents in Oman, with emphasis on maternity and pediatric medicine, cardiology, ophthalmology and orthopedics.
  • Ducit2 Naseem Resort in Al Jabal Al Akhdar, which boats 250 state-of-the-art hotel rooms and an adventure park covering an area of 8000 square meters.

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