Muscat: The inaugural international investment forum, "Advantage Oman," organized by the Ministry of Commerce, Industry, and Investment Promotion, concluded today with the signing of key investments that reinforce the Sultanate’s status as a viable investment hub.
Ibtisam Ahmed Al Farooji, who serves as the Undersecretary for Investment Promotion at the Ministry, asserted that the forum was instrumental in driving economic diversification and attracting top-tier investments that align with Oman’s visionary future.
She mentioned that the event offered a unique platform for local and global investors to connect with industry leaders and economic specialists, thereby promoting the exchange of ideas and identifying promising avenues for growth.
Al Farooji highlighted the opportunity for participants to interact with leaders from both the public and private sectors, enabling discussions regarding significant economic trends and investment opportunities in key sectors. The specialized panel discussions were designed to yield practical recommendations, inspired by successful case studies from around the region and beyond.
Additionally, she pointed out that the forum included bilateral meetings between investors and officials from economic sectors identified as priorities in Oman Vision 2040, which serves as a foundation for the Sultanate’s initiatives toward economic growth and transformation aligned with national goals.
As the forum wrapped up, JA Solar finalized multiple agreements with Invest in Oman, Sohar Port and Freezone, and Majis Industrial Services to set up a facility for manufacturing solar cells and panels. Covering an area of 32. 5 hectares within the second phase of the free zone, the project is estimated to cost RO 217. 3 million.
Operations are slated to begin in the first quarter of 2026, with the facility planning an annual output capacity of 6 GW for solar cells and 3 GW for solar panels.
This agreement advances Oman Vision 2040 by fostering a shift toward renewable energy and encouraging economic diversification, while also attracting interest in prospects within the second phase of the free zone.
Khalid Salim Al Qasabi, who holds the position of Director General of Industry at the Ministry of Commerce, Industry, and Investment Promotion, remarked that the agreements facilitating the establishment of the solar manufacturing facility in Sohar Freezone align with the ambitious objectives outlined in Oman’s Industrial Strategy 2040, which aims to develop future-focused industries and promote investment that adds value.
He further noted that the renewable energy sector is a focal point of the industrial strategy, owing to its potential to generate promising opportunities for national economic diversification, boost the industrial sector’s GDP contribution, and enhance the energy mix in Oman.
The project, set to commence operations in the first quarter of 2026, will play a significant role in developing the clean energy value chain and attracting associated industries, thus strengthening Oman’s position as a regional leader in renewable energy and green technologies.
On the second day of the forum, attendees participated in discussions with decision-makers, explored avenues for strategic partnerships, heard investor success narratives, and engaged in roundtable dialogues across various essential sectors, such as tourism, logistics, mining, food security, renewable energy, and IT.
