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$15bn projects at Sohar Port
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$15bn projects at Sohar Port
The volume of investments at Sohar Port will increase to more than $15 billion, while another RO 150 million will be invested in Sohar Free Zone (SFZ), said Jamal bin Tawfiq Aziz, Deputy CEO of Sohar Industrial Port Company (SIPC), adding that many large projects will be unveiled shortly in the port and the SFZ. He pointed out, in a statement to Oman News Agency, that these projects will provide a number of jobs for Omani youth in the Governorate of North Batinah and adjoining governorates.
Omanisation rate in the Port of Sohar stands at more than 70 per cent in many areas, said Jamal, noting that the SFZ seeks to attract new investment projects, notably in ferrochrome-based industries, a sector which will provided a high rate of added value to the Omani raw materials which can be processed within the Sultanate. The official explained that the projects, which will have a value of RO 100 million, will be set up an a total area of 500,000 square metres and will be producing 500,000 tonnes of ferrochrome annually and will be exported to different parts of the world.
The official reaffirmed that the new projects will be a nucleus for the establishment of converting industries, like rust-resistant steel industries, which have a large market in different parts of the world. He added that priority is to given to projects which will optimise economic yield in terms of direct and indirect job opportunities and support to small and medium enterprises, particularly service-related projects.
With the fruition of the mega projects, Sohar is set to become an important centre for the steel industries, especially after the port area has been upgraded to host steel industries by Vale Project, Jindal Shadeed Iron and Steel industries and Sohar Steel, said Jamal. He added that steel industry, compared to other industries, is the most economical due to the fact that it needs less power and provides greater opportunities for the employment of Omani citizens.
As for the role of SFZ in supporting SMEs, the official said that SFZ is an important channel for the establishment of SMEs as investment projects in the area will activate the market in various services. In reply to a question about the development of infrastructure in the SFZ, Jamal bin Tawfiq said that the first stage of infrastructure development like roads and basic services has been completed and work is under way to establish electricity, water and communications networks in the zone.
Source: ONA
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