The 5th Duqm Forum: Unlocking Investment Opportunities in Al Wusta
The 5th Duqm Forum, hosted at the Oman Convention and Exhibition Centre, showcased the transformative investment opportunities in Oman’s Al Wusta Governorate. With a focus on sectors such as the blue economy, food security, logistics, tourism, and renewable energy, the forum highlighted the region’s strategic importance to Oman Vision 2040 and its economic diversification goals.
Duqm Forum 2024: A Catalyst for Growth in Al Wusta
Al Wusta Governorate: A Strategic National Economic Centre
Shaikh Ahmed bin Musallam al Kathiri, Governor of Al Wusta, emphasized the governorate’s pivotal role as a national economic hub. Boasting abundant natural resources and a strategic location, Al Wusta has attracted significant investments across multiple sectors, including energy, fisheries, and tourism.
Key Infrastructure and Public Service Investments
Efforts to enhance infrastructure and public services have reached RO 7.5 million, while tourism and entertainment projects have secured RO 13 million, ensuring a robust foundation for sustained development.
Special Economic Zone at Duqm (SEZD): Driving Industrial Growth
The Special Economic Zone at Duqm (SEZD) continues to be a cornerstone of Oman’s industrial and economic ambitions.
Key Achievements of SEZD
- Total Investments: Over RO 6 billion by Q3 2024.
- Duqm Refinery Project: Valued at over $8 billion, with a production capacity of 230,000 barrels per day.
- Strategic location enabling access to global maritime logistics and industrial zones.
Renewable Energy: Powering a Sustainable Future
Al Wusta is a leader in Oman’s renewable energy transition, hosting five of the eight national projects in green hydrogen, solar, and wind energy.
Key Investments in Renewable Energy
- Part of a broader $49 billion national investment in sustainable energy.
- Projects positioning Oman as a global renewable energy competitor.
Blue Carbon Initiatives: Combating Climate Change
One of Al Wusta’s standout projects is a $100 million artificial lake and mangrove cultivation initiative. This project aims to:
- Reclaim 20,000 hectares of land.
- Cultivate 100 million mangrove trees.
- Generate environmental and economic benefits, including enhanced fish wealth.
Fisheries Sector: A Key Economic Driver
The fisheries sector contributes 37% of Al Wusta’s GDP, supported by significant investments.
Major Fisheries Projects
- Al Jazar Shrimp Farming Project: Valued at RO 462 million, with an annual production capacity of 220,000 tonnes.
- Fish and Food Industries: Investments of RO 105 million.
- Marine Fishing Ports: Projects across Duqm, Mahout, and Al Jazar worth RO 102 million.
Tourism and Logistics: Unlocking New Horizons
Al Wusta’s location makes it a vital hub for maritime logistics, linking global ports and industrial zones. This complements ongoing efforts to develop the region’s tourism potential through entertainment and hospitality investments.
Al Wusta’s Strategic Contribution to Oman Vision 2040
By leveraging its natural resources, strategic location, and renewable energy potential, Al Wusta is integral to achieving Oman’s economic diversification and sustainability goals under Vision 2040.
Key Takeaways from the 5th Duqm Forum
The forum highlighted Al Wusta’s economic and environmental potential, demonstrating a clear roadmap for investment and development:
- Renewable Energy Leadership: Establishing Oman as a key player in the global green energy market.
- Blue Economy and Fisheries: Driving sustainable growth through innovative projects.
- Industrial Growth at SEZD: Facilitating job creation and export-oriented industries.
- Tourism and Infrastructure Development: Enhancing Al Wusta’s appeal to domestic and international investors.
Inauguration by His Highness Sayyid Harib bin Thuwaini al Said
The forum was inaugurated by His Highness Sayyid Harib bin Thuwaini al Said, underscoring its significance as a platform for fostering collaboration and investment in Al Wusta.
Conclusion
The 5th Duqm Forum successfully positioned Al Wusta Governorate as a key driver of Oman’s economic transformation. Through strategic investments in diverse sectors such as renewable energy, fisheries, and logistics, the region is poised to achieve sustainable growth and contribute significantly to Oman Vision 2040.
