FDI of RO 11.5 billion and additional investments of RO 1.5 billion propel Sohar Port and Freezone to new heights.

A significant milestone in foreign direct investment (FDI) has been achieved by Sohar Port and Freezone, which has drawn in RO 11.5 billion (US$30 billion), including over RO 1.5 billion (US$4 billion) in new investments in the first nine months of this year.

Muscat: According to Emil Hochstedt, CEO of Sohar Port, the surge in growth has been fueled by the signing of 12 transformational agreements at the Sohar Freezone. He noted that the port and freezone’s strategic initiatives continue to strengthen Oman’s national economy, highlighting significant achievements in logistics and trade.

Hochstedt told the Oman News Agency that container volumes at the port surged by 21% year-on-year, general cargo volumes rose by 45%, and cargo handling between ships increased by 30%. Additionally, rolled goods volumes grew by 25%, demonstrating the port’s ability to meet rising logistical demands.

The Sohar Freezone is also witnessing robust development, with 85% of Phase 1 and 55% of Phase 2 now leased. Mohammed bin Ali Al Shezawi, Acting CEO of Sohar Freezone, confirmed the signing of 10 new leasing agreements this year, with total investments in the freezone reaching RO 1.266 billion (US$3.292 billion).

“The zone was able to attract new investments worth RO 713 million (USD 1.853 billion) this year, as the free zone continues its strategic expansion efforts, hosting companies from 49 different countries,” Al Shezawi stated. Warehouse demand has also grown, with an 8.61% increase in storage space reflecting the zone’s efficient and strategic expansion efforts.

Sohar Port and Freezone’s in-country value initiatives are equally impressive. Contracts awarded to local companies surged by 240% as of September 2024 compared to the same period last year. The port and freezone also launched 16 social responsibility initiatives this year, benefiting over 56,411 individuals in education and entrepreneurship.

For all the latest news from Oman and GCC, follow us on Instagram, like us on Facebook & subscribe to our YouTube Channel, which is updated daily.