Sohar Port and Freezone attracts new investments worth more than RO 1.5 billion

Sohar Port attracts new investments worth more than OMR 1.5 billion

Sohar: Sohar Port and Freezone has achieved remarkable growth in foreign direct investments (FDI) reaching OMR11.5 billion (US$30 billion), including new investments attracted during the first nine months of this year worth more than OMR1.5 billion (US$4 billion).

Emil Hochstedt, CEO of Sohar Port, said that this growth was boosted by the signing of 12 new agreements in the Sohar Free Zone to establish a number of transformational projects, which confirms its effective role in enhancing the growth and development of the national economy.

He confirmed in a statement to Oman News Agency that the logistics operations at Sohar Port witnessed steady growth, as container volumes increased by 21 percent year-on-year, while general cargo volumes increased by 45 percent driven by an increase in trade movement, while cargo handling between ships recorded a 30 percent increase, and the percentage of rolled goods increased by 25 percent; reflecting the capabilities of Sohar Port and its ability to meet the growing requirements in the field of logistics services in the shipping and maritime transport sector.

As for the Sohar Free Zone, it is witnessing tangible growth, as the occupancy rate of the currently leased lands has reached 85 percent in the first phase and 55 percent in the second phase. 10 new leasing agreements were also signed, confirming the momentum witnessed by commercial and investment activities, as the total investment in the free zone reached 1.266 billion Omani riyals (3.292 billion US dollars), which reflects the economic growth witnessed by the region and the confidence of investors in the incentives and advantages it offers.

Mohammed bin Ali Al Shezawi, Acting CEO of Sohar Free Zone, confirmed that the zone was able to attract new investments worth OMR 713 million (USD 1.853 billion) this year, as the free zone continues its strategic expansion efforts, hosting companies from 49 different countries.

He said in a statement to the Oman News Agency that the region’s efforts to improve the efficiency and effectiveness of warehouses have resulted in the growing demand for land, as the area of ​​warehouses in the Sohar Free Zone has increased by 8.61 percent.

Sohar Port and Freezone’s commitment to maximizing local benefits is evident through its valuable contributions to in-country value, as evidenced by the total value of contracts awarded to local companies and projects, which increased by 240 percent until the end of September 2024 compared to the same period in 2023.

Sohar Port and Freezone also continues its efforts in areas that enhance the local community through social responsibility initiatives that focus on developing education and entrepreneurship. The port and freezone launched 16 initiatives and projects in the field of social responsibility that benefited more than 56,411 individuals from the community.