Oman Launches Six Projects Worth OMR4.6bn

Business

Oman has recently launched six new infrastructure projects worth OMR4.6bn ($12bn) as part of its efforts to boost the country's economic growth and diversify its economy. The projects include the construction of a new airport in Muscat, a major road expansion project, a new oil refinery, and three industrial zones.

The new Muscat airport, which is estimated to cost around OMR2.2bn ($5.7bn), is expected to significantly increase the capacity and efficiency of air travel in the country. It will be able to handle around 12 million passengers annually and is set to become a major transportation hub in the region.

The road expansion project, with a total cost of OMR1.3bn ($3.4bn), aims to improve the country's road network and enhance connectivity across various regions. It includes the construction of new highways, bridges, and tunnels, and will help facilitate the movement of goods and people within Oman and to neighboring countries.

The new oil refinery, estimated to cost around OMR1.8bn ($4.7bn), is part of Oman's plans to develop its oil and gas sector. It will have a refining capacity of around 230,000 barrels per day and will help meet the country's domestic demand for petroleum products and provide additional revenue through exports.

In addition to these projects, Oman has also launched three industrial zones with a total investment of OMR300m ($780m). These zones will focus on attracting foreign investments and promoting the development of various industries, including manufacturing, logistics, and technology.

The launch of these projects reflects Oman's commitment to diversifying its economy and reducing its dependence on oil. By investing in infrastructure development and creating new economic opportunities, the country aims to attract more foreign investments, create jobs, and stimulate economic growth.

 

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