OIA
Launches 4 Major Projects with Investments Exceeding RO 935 Million

Muscat,
3 Feb 2026 (ONA) — Oman Investment Authority (OIA) has launched four major
projects during the first month of the 11th Five-Year Plan, with total
investments exceeding RO 935 million.

These
projects are expected to provide more than 1,850 job opportunities, reaffirming
the Authority’s strategic presence in the manufacturing sector as a primary
driver for achieving the objectives of Oman Vision 2040.

This
initiative stems from a series of international partnerships implemented by
OIA-affiliated companies, alongside direct investments that contribute to
localizing technologies and strengthening local supply chains. These efforts
are part of ongoing endeavors to support economic diversification and enhance
local content within the target sectors of the 11th Five-Year Plan,
specifically manufacturing, tourism, and the digital economy.

Among
the most prominent of these projects is the completion of financing for the
United Solar project, supported by a contribution from the Future Fund Oman.
The project involves the establishment of an integrated plant for the
production of polysilicon in the Sohar Freezone, which serves as the company’s
largest facility of its kind outside of the People’s Republic of China.

The
investment value of the project stands at RO 700 million (approximately USD 1.8
billion), making it one of the largest industrial investments in the renewable
energy sector in the region. A joint financing agreement was concluded between
United Solar Polysilicon (a subsidiary of United Solar Holding), the
International Finance Corporation (IFC), and several regional and local banks.
The project will enable the Sultanate of Oman to enter the global solar energy
supply chain by localizing advanced technologies, enhancing local content, and
providing 1,012 direct job opportunities in engineering, manufacturing,
maintenance, and technical services related to clean energy.

In
the maritime industries sector, the Asyad Group launched a project to
manufacture the first integrated marine tugboat within the Sultanate of Oman. A
tripartite agreement was signed between Asyad Drydock, Oman Liquefied Natural
Gas Company (Oman LNG), and the international company Svitzer.

This
project contributes to the creation of several direct job opportunities, in
addition to indirect opportunities within the supply chains and technical
services associated with ports. The local content contribution for this project
is expected to reach approximately 50 percent of its total value. The project
aims to develop national capabilities in maritime manufacturing and advanced
logistics by establishing a production system that relies on local resources
and national technical expertise, while facilitating knowledge transfer from
the international partner to Omani cadres.

This
project represents a pioneering step toward localizing maritime industries and
raising technical and operational readiness in Omani ports, reflecting the
Authority’s commitment to stimulating industrial innovation and enhancing
Oman’s competitiveness as a regional hub for advanced industries and logistics.

Hisham
Ahmed Al Shidi, Head of Economic Diversification Investments at OIA, stated
that these projects represent a new milestone in the series of measures
implemented by the Authority over the past five years to elevate the national
development portfolio. He noted that the Authority aims through these projects
to maximize the outcomes of synergy initiatives between its subsidiaries,
enhance local content, create new job opportunities, and localize advanced
technologies in service of the economic pillar of Oman Vision 2040.

In
the context of supporting advanced petrochemical industries and expanding
high-value manufacturing, OQ Group and Sohar Freezone launched a qualitative
project to localize advanced technologies in this vital sector.

OQ
Refineries and Petroleum Industries, a subsidiary of the OQ Group, signed a
Memorandum of Understanding (MoU) with the German company MAK. The project aims
to enable local production of materials used in basic and final industries,
enhancing Oman’s readiness to serve as a competitive regional industrial hub
for petrochemicals and specialty chemicals. The goal is to establish an
integrated industrial complex in the Sohar Freezone for the production of
Purified Terephthalic Acid (PTA) and Polyethylene Terephthalate (PET), which
are essential materials in the packaging industry, particularly for consumer
products such as water and beverage bottles and industrial packaging.

The
plant’s annual production capacity is set at 700,000 tons of PTA and PET, with
425,000 tons of Para-xylene as a primary input. The total investment value of
the project exceeds RO 192 million (USD 500 million), contributing to the
creation of approximately 700 direct job opportunities and additional indirect
opportunities within the local supply chain. This project strengthens Oman’s
ability to achieve import substitution, localize supply chains for advanced
plastic industries, and support the growth of small and medium enterprises in
this field, while maximizing local content and expanding the non-oil industrial
export base.

Additionally,
OQ Base Industries launched a project to establish a specialty chemicals plant
in the Salalah Freezone through an agreement with Deepak, a company from the
Republic of India.

The
project involves the supply of ammonia as a raw material for the production of
sodium nitrate and sodium nitrite, with a production capacity of 70,000 tons
per year. This project complements the industrial ecosystem in Salalah by
leveraging advanced infrastructure and the port’s strategic location, thereby
enhancing export opportunities to regional and international markets.

The
estimated investment value of the project exceeds RO 38 million (USD 110
million) and is expected to provide 150 direct job opportunities. The project
aims to support the specialty chemicals sector in Oman, particularly those used
in pharmaceutical and agricultural fertilizer industries, while enhancing
national industrial and pharmaceutical security and providing broad avenues for
technology transfer and the development of specialized Omani competencies.

These
projects serve as an extension of the pivotal role undertaken by Oman
Investment Authority in implementing the 11th Five-Year Plan and increasing the
contribution of the non-oil industrial sector to the Gross Domestic Product.
These efforts highlight the Authority’s commitment to economic sustainability,
the integration of its subsidiaries, and the consolidation of Oman’s position
as a regional center for advanced industries in energy, chemicals, and
industrial services.

—Ends/AG