Duqm to be the main pillar of Oman’s economy
Saleh Al Shaibany SHARE
SALEH AL SHAIBANY - saleh shaibani@yahoo.com - The now sprawling town of Duqm is spearheading the diversification of the Omani economy away from the reliance of oil revenues with new multi-million rial projects.
The government is revamping its ports infrastructure from Muscat to Duqm, Suhar and Salalah, to adapt them for tourism but more importantly to increase industrial production and exports, and to exploit the country’s strategic location to create a hub for international shipping. Regional powers such as China and India are interested in establishing commercial and strategic footholds in the free ports, and Oman aims to capitalise on what it hopes will be economic integration into the world markets.
Chinese investments in Duqm SEZ under detailed design
1123551 SHARE
All 10 industrial and petrochemical projects earmarked for development at the China-Oman Industrial Park in the Duqm Special Economic Zone (SEZ) are currently under detailed design, according to the head of the consortium overseeing the implementation of the ambitious hub. Ali Shah (pictured), CEO of Wanfang LLC, said the design of the projects which include a mega methanol and methanol-to-olefins (MTO) scheme, major power plant, world-scale solar equipment manufacturing facility, oilfield goods and pipeline plants, and a sprawling hospitality venture will lead to sub-usufruct agreements being inked with the individual investors.
Invited to comment on the status of the massive undertaking, which will see up to $10.7 billion of investment flowing into the hub, Ali Shah said Oman Wanfang, the main developer of the 1,172 hectare industrial park at the SEZ, was working closely with the SEZ Aut
Ningxia Governor receives SEZAD Chairman
1104582 SHARE
MUSCAT, SEPT 9 - Xian Hui, Governor of the Ningxia Autonomous Region, received at the weekend Yahya bin Said al Jabri, Chairman of the Special Economic Zone Authority in Duqm (SEZAD), and his accompanying delegation, who are currently visiting China as part of the Sultanate’s participation in the China-Arab Expo and ‘Invest in Duqm’ roadshow organised by SEZAD in three Chinese cities.
During the meeting, the Governor of Ningxia hailed Oman’s efforts to clear the decks for the speedy implementation of Chinese projects envisaged as part of the Chinese Industrial City in Duqm. Oman Wanfang LLC, a consortium of Chinese investors, plans to implement a total of 35 projects at the SEZ with an investment totalling around $10.7 billion.
Sultanate’s real estate market to stabilise in 2018
1143395 SHARE
Oman’s GDP growth is expected to rise to 5.2 per cent next year, aided by the introduction of natural gas production at the Khazzan gas field and the opening of the new airport in Muscat. This will mark the strongest rate of expansion since 2015 and, in turn, should filter down to help steady the country’s property market, according to leading international real estate consultancy, Cluttons.
The Cluttons Muscat Winter 2017/18 Property Market Outlook indicates that Oman’s economy, like many of its Gulf neighbours, is still working its way through a challenging period, triggered by the shock collapse in oil prices in 2014. The country, however, is embarking on a journey to wean itself off its dependence on oil revenues through diversification efforts and positive government intervention.