MUSCAT : Oman Investment Authority has launched four strategic manufacturing projects with combined investments of about OMR 935 million ($2.4 billion), underscoring the Gulf state’s push to deepen industrial capacity and reduce reliance on hydrocarbons as it rolls out its 11th Five-Year Development Plan.
The projects — spread across Sohar, Salalah and Duqm — target renewable energy materials, petrochemicals, specialty chemicals and maritime manufacturing, and are expected to generate more than 1,850 direct jobs, OIA said. The initiatives align with Oman Vision 2040, which prioritises economic diversification, local content and technology transfer.
The largest investment is a OMR 700 million ($1.8 billion) polysilicon plant in Sohar Free Zone, developed by United Solar with support from Future Fund Oman. The facility, the company’s biggest outside China, positions Oman within the global solar supply chain and is expected to create 1,012 jobs across engineering and clean-energy services. Financing includes backing from the International Finance Corporation alongside regional and local banks.
Oman is advancing its economic diversification with a $2.4 billion investment in manufacturing projects across Sohar, Salalah, and Duqm. These initiatives, part of the 11th Five-Year Development Plan, focus on renewable energy, petrochemicals, and maritime manufacturing, creating over 1,850 jobs. The largest project, a polysilicon plant, strengthens Oman's role in the global solar supply chain.