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Oman: Sohar Port and Freezone secures $4bln worth of new investments in 2024

Muscat – Over the past year, Sohar Port and Freezone (SOHAR) has achieved a remarkable increase in foreign direct investment (FDI), surpassing $4bn in total new investments. This surge was fueled by the signing of 12 new agreements to date this year, according to a press statement.

The new agreements include transformative projects such as the Marsa LNG bunkering initiative, United Solar Holdings’ polysilicon factory, and a landmark iron ore concentration plant in partnership with Jinnan Steel & Iron Group. These investments not only underscore SOHAR’s commitment to economic diversification but also play a crucial role in supporting Oman’s vision for a sustainable and prosperous future.

As Oman commemorates its 54th National Day, Sohar Port and Freezone announced its 2024 performance results through September, reflecting its expanding role in bolstering the sultanate’s economy and its steadfast dedication to supporting local communities through impactful CSR initiatives.

With a strategic focus on sustainable growth and innovation, SOHAR has solidified its position as a leading investment and logistics hub, driving national progress in alignment with Oman Vision 2040.

Logistics operations at Sohar Port have shown steady growth, with container handling increasing by 21%, general cargo handling growing by 45%, and a 30% rise in ship-to-ship transfers. Additionally, the handling of roll-on/roll-off cargo rose by 25%, highlighting Sohar Port’s capabilities and its ability to meet the rising demands in the logistics, shipping, and maritime transport sectors.

Sohar Freezone has also continued to thrive, with 85% of land in Phase 1 fully occupied and 55% of Phase 2 already committed. Growth in 2024 has been further driven by 10 new contracts specific to the freezone signed to date, reflecting robust business development and sustained investment activity.

New investments totaling $1.853bn underscore Sohar Freezone’s dynamic expansion efforts. To date, total investment in the Freezone has reached an impressive $3.292bn, demonstrating significant economic growth and investor confidence, with tenants from 49 different countries. Additionally, the freezone has achieved an 8.61% increase in warehouse utilization, highlighting enhanced storage efficiency and strong demand for space.

“As we celebrate Oman’s 54th National Day, our focus remains on fostering a thriving ecosystem that benefits all stakeholders,” said Emile Hoogsteden, CEO of Sohar Port. “At SOHAR, we are a destination connecting businesses to the world. By leveraging our strategic location, we attract transformative investments and drive innovation and sustainable practices. In doing so, we ensure that our achievements today lay the groundwork for tomorrow’s success, empowering our communities and contributing to the nation’s long-term prosperity.”

Mohammed al Shizawi, Acting CEO of Sohar Freezone, emphasised the transformative journey of SOHAR over the past two decades, stating, “Sohar Freezone’s story is not just about growth; it’s about the people at the heart of this journey. Each partnership we forge creates meaningful opportunities for the Al Batinah region and Omani communities. Our commitment to sustainable development positions SOHAR as a hub for innovative industries aligned with Oman’s long-term vision.”