Muscat: The third quarter of 2024 witnessed a significant increase in total investments within the Duqm Special Economic Zone, with Sheikh Ahmed Musallam Al Kithiri, the Governor of Al Wusta, reporting that the sum surpassed OMR6 billion.
In the renewable energy sector, Al Kithiri highlighted that the governorate is the host of five out of eight national projects in the Sultanate of Oman, with an investment value of $49 billion allocated to green hydrogen projects, alongside solar, wind, and related initiatives.
The fifth Duqm Forum, which took place on Sunday at the Oman Convention and Exhibition Center, focused on reviewing the most significant investment opportunities across various sectors including the blue economy, food security, logistics, tourism, and renewable energy. This event, organized by the Oman Chamber of Commerce and Industry (Al Wusta Branch) in collaboration with the Foreign Ministry and the Public Authority for Special Economic Zones and Free Zones, was inaugurated by HH Sayyid Harib bin Thuwaini Al Said, the Assistant Secretary General of the Council of Ministers for Conferences.
During the forum, Sheikh Khalifa Ali Al Harthy, the Undersecretary of the Foreign Ministry for Political Affairs, underscored the historical significance of the Sultanate of Oman's maritime heritage and strategic position on the world's oceans, which has facilitated centuries-long trade and cultural exchanges with numerous countries and peoples.
He further emphasized the government's commitment to this sector by investing in the construction of modern ports and an extensive expressway network. This infrastructure is designed to enhance logistical services, particularly in the distribution and transportation of containers, positioning Al Wusta as a key link in the global transportation network.
Al Harthy also highlighted the importance of such forums in facilitating the exchange of global expertise, benefiting from new research and developments, and exploring further investment opportunities in tourism, environmental safety, and maritime navigation.
He affirmed that the Sultanate of Oman boasts a diverse array of components and resources related to the blue economy, presenting a plethora of promising opportunities for foreign investments.
He further elaborated that the Foreign Ministry, through the activation of economic diplomacy, serves as a conduit connecting various stakeholders and entities, as well as those interested in investing in the Sultanate of Oman.
Sheikh Al Harthy stated that the Sultanate of Oman, under the auspices of the Foreign Ministry, will be hosting the 8th edition of the Indian Ocean Conference in Muscat, scheduled for February 2025. The primary objective of this event is to fortify international partnerships and foster the development of innovative solutions aimed at enhancing the sustainability and stability of the Indian Ocean region.
The inaugural session of the forum focused on the pillars and strategies underpinning investment in the blue economy, featuring esteemed participants such as Naif Humaidi Al Fayez, Chairman of the Board of Commissioners for the Aqaba Special Economic Zone Authority in Jordan, Abdullah Sultan Al Owais, First Vice President of the Federation of UAE Chambers and Chairman of the Board of Directors for the Sharjah Chamber, Dr. Nasser Rashid Al Maawali, Undersecretary of the Ministry of Economy, Shafi Taleb Al Ajmi, CEO of Kuwait Petroleum International, Dr. Aflah Said Al Hadhrami, Director General of Petroluem Development Oman (PDO), and Dr. Alaa Al Din Abdeen Bukhari, Senior Influence and Achievement Officer at the General Organization for the Conservation of Coral Reefs and Turtles in the Red Sea.
The subsequent session delved into investment opportunities across sectors such as food security, logistics, tourism, and renewable energy. Participants included Eng. Yaqoub Khalfan Al Busaidi, Undersecretary of the Ministry of Agriculture, Fisheries and Water Resources for Fisheries, Azzan Qassim Al Busaidi, Undersecretary of the Ministry of Tourism and Heritage for Tourism, Abdullah Ali Al Amri, Chairman of the Environment Authority, Eng. Khamis Mohammed Al Shammakhi, Undersecretary of the Ministry of Transport, Communications and Information Technology for Transport, Dr. Ibrahim Bakhit Al Nadhiri, CEO of Asyad Shipping and Drydock, and Dr. Salah Hafiz Al Dhahab, Director General of Investment at the Ministry of Energy and Minerals.
The third session explored the theme of technologies and global experiences that enhance investments in the blue economy. International experts shared insights into innovations and successful experiences within this domain, underscoring the potential opportunities and the pivotal role of the blue economy in driving growth and development within the Sultanate of Oman.
The expert roster for this session included esteemed professionals from various sectors, each bringing their unique expertise to the table. Betsy Mathoni Nagaji, serving as the Undersecretary of the Ministry of Mining, Blue Economy, Fisheries, and Maritime Affairs for the Blue Economy of the Republic of Kenya, was among them. Saleh Hamoud Al-Hasani, an Advisor to the Chairman of the General Authority for Economic Zones and Free Zones, also contributed his insights. Luis Lumbana, the Founder and CEO of Vicostera in Spain, and Karl Schloeglbauer, the General Manager of Asia and China at Andritz Hydropower Austria, were also part of the distinguished list. Maurice Benoache, the Chairman of the Board of Directors of the French Port of Lorient and a Board Member of the Duqm Marina Investment Company, Maurice Benoache, and Captain Ezzedine Kacem, an International Maritime Expert and Arbitrator, Chairman of the Tunisian National Maritime Cluster Organization, and Orkhan Vidadioglu Mamadog, the Chairman of the Board of Directors of the Small and Medium Enterprises Development Agency of the Republic of Azerbaijan, completed the expert panel.
The 5th Duqm Economic Forum stands as a testament to the Sultanate of Oman's dedication to fostering an environment conducive to investment and the development of the blue economy. This forum serves as a pivotal gathering for both public and private sectors, facilitating the exchange of ideas and visions concerning the future of investment in this domain.
This event offers a distinctive opportunity for entrepreneurs and investors to explore available opportunities and forge strategic alliances aimed at achieving sustainable growth. The forum is anticipated to yield positive outcomes that bolster national efforts in aligning with Oman Vision 2040, positioning the blue economy as a critical component in the economic development strategy of the Sultanate of Oman.
