Oman secures USD 9 bn in new investments led by green projects

Oman attracted more than USD 9 bn in new investment commitments this week, as its Duqm special economic zone drew USD 7.5 bn across 10 deals and Future Fund Oman earmarked a further USD 1.5 bn for priority sectors.

The bulk of that headline figure came from the Duqm special economic zone, where the Public Authority for Special Economic Zones and Free Zones (Opaz) signed 10 agreements worth nearly OMR 3 bn (USD 7.5 bn) combined. Green energy and electric vehicles were the primary focus of these agreements, led by the OMR 1.6 bn expansion of Acme’s green hydrogen project and stretching into power generation, EV battery materials, and tourism. The capital came from abroad as much as at home, with investors from China, India, South Korea, the Philippines, Germany and Egypt joining local players.

Days earlier, Future Fund Oman (FFO), owned by the Oman Investment Authority, announced a OMR 570 mn (USD 1.5 bn) package targeting renewable energy, industry and technology, healthcare, tourism, and food security. Seven direct projects and a portfolio of strategic schemes will absorb 90% of the capital, with the remainder earmarked for SMEs and startups.