SOHAR Port and Freezone has signed an agreement
with Sohar Steel Rolling to lease approximately 40,000 sqm of land for the construction
of a steel rod manufacturing unit at the Freezone. With an estimated total
investment of OMR 7
million, the project includes the construction of facilities for melting/smelting
in the first phase and steel rolling in the second phase. Anticipated to be in operation
towards Q3, 2023 the project is expected to create considerable opportunities
for business collaborations, while adding to the growing number of leased areas
in SOHAR Freezone flourishing metals cluster.
Omar bin Mahmood Al Mahrizi, Chief Executive
Officer of SOHAR Freezone, DCEO SOHAR Port said, “At SOHAR, we are always
looking to expand the possibilities to grow our metals cluster, which is one of
the most promising sectors. Sohar Steel Rolling’s new facility is poised to meet
the huge demand for stainless steel manufacturing. This collaboration is as a positive
step towards enhancing in-country value by boosting the competitiveness of SOHAR
Freezone in bringing in new investments linked to the downstream of these
industries.”
Nimer
Ibrahim Nimer Elsamna, Chief Executive Officer of Sohar Steel Rolling, added, “With access to raw
materials and reliable, affordable energy, SOHAR Freezone offers an ideal environment
for us to enhance our competitive position and grow sustainably. We look forward
to supporting the development of Oman’s metal manufacturers and production industries,
while contributing to its wider economic diversification objectives.”
More and more local and international investors are
taking advantage of the opportunities for investments at SOHAR thriving, multibillion-dollar
metals cluster currently centred around iron and steel production, and
ferrochrome and aluminium smelting. Over 50% of SOHAR industrial tenants are
primary and secondary metal projects and/or downstream activities, enticed by
the mutual benefits that add value to their operations. Reliable and affordable
energy including solar, access to raw materials, on-site consumers of metals
and mature port infrastructure are just a few of the offerings that SOHAR
provides, in addition to the advantage of being optimally placed between the
East and West and the benefit of the Oman/U.S.A. Free Trade Agreement for duty
free access on qualifying products.
For more information about the opportunities and
advantages available at SOHAR Port and Freezone, please visit soharportandfreezone.com
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