An economic report has highlighted a promising future for the Special Economic Zone of Duqm (SEZD), which affirms efforts to promote the Sultanate are beginning to bear fruit. The report, published by Reuters, said: “The growth of foreign investment in the SEZD has received more international attention, especially after the start of construction in Chinese industrial zone in Duqm in the Governorate of Al Wusta,” said the report.
The report said the construction equipment brought by the Chinese “consortium” has begun to level a large area of sand along the coast in the first step to invest billions of dollars into the project.
It stressed the efforts of the Sultanate to convert Duqm from a fishing village located 550 km south of the capital Muscat to an industrial centre that contributes to diversifying the country’s economy and reducing its dependence on oil and gas exports.
The report said the Wilayat of Duqm overlooking the Arabian Sea is a potential operating base for Chinese companies near the export markets that want to develop in the GCC region, the Indian sub-continent and East Africa, especially as it is close to some of the raw material resources that Chinese companies will need for this purpose: oil and gas resources. Ali Shah, CEO of Oman Wanfang, the Chinese consortium, said Chinese companies are aiming at investing $10.7 billion in the zone.
Duqm Zone enjoys a strategic location and is an attractive destination because of its proximity to international marine routes, outside the Strait of Hormuz.
It enjoys the existence of a port, dry dock, refinery and petrochemicals factories.
Meanwhile, Yahya bin Said al Jabri, Chairman of the Board of Directors of the Special Economic Zone Authority in Duqm (SEZAD), invited the Chinese companies to invest in the Sultanate.
He said the Sultanate has all the requirements to ensure the success of Chinese investments and that these requirements were built on close friendship, cooperation and joint interests between the two nations.
While addressing a gathering at the China-Arab States Expo 2017 in Yinchuan, Ningxia in China, he said, “Today I want to convey a clear and brief message that there are lucrative business opportunities for the Chinese private sector either operating alone or in partnership with the Omani private sector.”
He said the serious investment projects that will be set in Duqm will not only be lucrative for promoters, but will also contribute to the efforts made by the Sultanate to diversify national economy, reduce reliance on oil revenues, impart technology and technical expertise, create job opportunities for Omani youths and increase productivity of various economic sectors, especially industry.
The Sultanate’s delegation to the China-Arab States Expo 2017 is led by Yahya bin Said al Jabri, SEZAD Chairman, and comprises representatives of public agencies.
The Sultanate’s participation comes in a bid to promote the available investment opportunities in the Sultanate, especially in SEZD. A large number of Chinese private and public officials and representatives of Arab, Asian and African countries are taking part in the China-Arab States Expo 2017.
Al Jabri hailed the Chinese investments in Duqm. He said new and key fundamentals have been laid at the Chinese foreign direct investment programme. — ONA
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