Sohar attracts OMR 1.5 billion of investment
Foreign direct investments in Sohar Port and Freezone are growing remarkably, with total investment now standing at OMR 11.5 billion (USD 30 billion). This includes new investments of more than OMR 1.5 billion (USD 4 billion) in the first nine months of 2024.
Emile Hoogsteden, CEO of the Port of Sohar, said this growth has facilitated the signing of 12 new agreements in the Sohar Freezone to establish several industrial projects, highlighting its vital role in boosting the growth and development of the national economy.
In a statement to the Oman News Agency, Hoogsteden noted that logistical operations at the Port of Sohar have witnessed steady growth. Container volumes increased by 21% year-on-year, general cargo volumes rose by 45%, driven by increased trade activity, while ship-to-ship cargo handling recorded a 30% rise. Additionally, roll-on/roll-off cargo volumes grew by 25%, reflecting the port's capacity to meet growing logistics demands in the shipping and maritime transport sectors.
The Sohar Freezone is also experiencing significant growth, with 85% of land occupancy in the first phase and 55% in the second phase. Ten new lease agreements have been signed, underscoring the dynamic commercial and investment activities in the freezone. Total investments in the Freezone have reached OMR 1.3 billion (USD 3.3 billion), demonstrating the region’s economic growth and the confidence of investors in the incentives and benefits offered.
Mohammed Al Shizawi, Vice President of Sohar Freezone, said that the Freezone has attracted new investments worth OMR 713 million (USD 1.85 billion) this year. Strategic expansion efforts continue, with the Freezone hosting companies from 49 different countries.
In a statement to the Oman News Agency, Al Shizawi highlighted that the Freezone's efforts to improve the efficiency and effectiveness of its warehouses have resulted in growing demand for land, with warehouse space increasing by 8.6%.
The Port of Sohar and Freezone remains committed to maximising local benefits through its contribution to in-country value (ICV). This is reflected in the total value of contracts awarded to local companies and projects, which recorded a 240% increase by the end of September 2024 compared to the same period in 2023.
The Port of Sohar and Freezone is continuing its efforts to support the local community through corporate social responsibility initiatives focused on education and entrepreneurship. The Port and Freezone have launched 16 initiatives in social responsibility, benefiting more than 56,000 individuals from the community.