MUSAT: Sohar Port and Free Zone, with an annual contribution of 2.1 per cent of Oman’s gross domestic product (GDP), is an engine of the country’s economic development.
According to Emile Hoogsteden, CEO, investments in the port and free zone have topped $27 billion since its establishment. The port also handles around RO 18.4 billion worth of import and export cargo annually, representing around 45 per cent of Oman’s aggregate trade volumes.
During Q3 2023, liquid bulk products handled by the port increased 13 per cent to 18 million metric tonnes, up from 16 million metric tonnes during Q3 2022. Ship calls climbed 2 per cent to 2,427 calls, up from 2,384 calls in 2022, reflecting an improvement in the port’s handling capabilities.
Sohar Port also witnessed a 4 per cent increase in calls by vehicle carriers, which are cargo ships designed to transport wheeled goods, including cars, trucks, construction equipment, and others.
In cooperation with industrial tenants, Sohar Port and Freezone also launched Net Zero Alliance, which is an initiative dedicated to accelerating Oman’s transition towards carbon neutrality by 2050. The Charter serves as a platform for stakeholders to meet to exchange ideas and strategies and contribute together. In advancing the region's path towards sustainability, said the CEO.
Omar bin Mahmoud al Mahrezi, CEO of Sohar Free Zone and Deputy CEO of Sohar Port, said the hub provides a range of services including warehousing, logistics and manufacturing facilities, making it an integrated center for companies looking to start their operations in the Sultanate of Oman. The port covers about 80 per cent of the import and export activities in the Sultanate of Oman, he said
Since the start of the year, a total of 11 agreements have been signed, covering a total investment of $632 million, he stated.
Warehousing capacity has grown 86 per cent, underscoring the port’s trategic location and its ability to store and distribute large quantities of goods with high efficiency.
Also during the year, a sub-usufruct agreement was signed with the International Fine Chemicals Company to establish a polymer manufacturing factory in Sohar Port with an investment value of $300 million. Covering an area of 240,000 square metres, the project will serve various industries, including energy production, agriculture, wastewater management and industry.
A land lease agreement was also signed with the Green Ferro Alloys Company to establish Oman’s first silicon metal factory in Sohar Free Zone with a total investment amounting to $68 million US dollars. It will meet the growing demand for silicon metal in the regions of Asia, Europe and North America. (ONA)
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