OQ Group Pens Nine Deals Worth USD 88 Million in Sohar Industrial City to Strengthen and Diversify Oman’s Economy

OQ Refineries and Petrochemical Industries, part of the OQ Group, recently made a significant move by signing nine investment agreements worth $88 million. These agreements are aimed at establishing industrial projects in the Ladayn Polymer Park, located in Sohar Industrial City. This initiative is a strategic step towards supporting Oman's economic diversification policies and aligns with the goals of Oman Vision 2040. The focus is on attracting investments and boosting industries that cater to the needs of both local markets and exports.

Central to these agreements is the emphasis on maximizing the value addition of petrochemical projects and supporting local businesses. A key aspect is the promotion of Omani goods and services or those provided by locally registered suppliers. This approach is vital for creating job opportunities and enhancing skills, particularly in the plastics industry. It opens new avenues for small and medium enterprises (SMEs) and is aligned with the OQ group’s investment strategy to boost in-country value (ICV). The strategy includes localizing select goods, contributing approximately $46 million annually to the ICV and creating around 290 direct and 600 indirect job opportunities.

In line with the Oman Investment Authority’s (OIA) vision, this initiative aims to enrich ICV by empowering the private sector, localizing industries, strengthening the local economy, and stimulating SMEs. The Ladayn Polymer Park in Sohar Industrial City is a pivotal project for Oman, focusing on achieving self-sufficiency in plastic products and positioning the country in the global plastics market. It aims to invigorate the local industrial sector with new value-added products and attract both regional and global investors.

Additionally, The Public Establishment for Industrial Estates (Madayn) has signed seven land usufruct agreements with investors, offering 33-year leases at reduced prices. These agreements, as highlighted by Hilal Ali Al Kharusi of OQ and Dawood Salim Al Hadabi of Madayn, reflect OQ's commitment to enhancing Oman’s manufacturing industries and supporting SMEs.

They also emphasize the importance of this project in maximizing in-country value through specialized plastic industries and advanced technology. Khalid Said Al Shuaib discussed the role of the National Programme for Investment and Exports Development 'Nazdaher' in attracting investors and supporting the manufacturing sector in the downstream petrochemical industry, marking a collaborative effort among various entities.

According to the article by Procurement Resource, OQ Refineries and Petrochemical Industries, part of OQ Group, signed nine agreements worth $88 million to establish industrial projects in Ladayn Polymer Park, Sohar, supporting Oman's economic diversification. This initiative will boost local industries, contribute to in-country value, create jobs, and attract investments, aligning with Oman Vision 2040.