Sohar Port and Freezone, A Pillar of Economic Growth Surpassing $27 Billion in Investments
Sohar Port and Freezone, a cornerstone of Oman’s economic landscape, has marked a remarkable milestone by surpassing $27 billion in investments over the last two decades. CEO Emile Hoogsteden announced that the industrial complex contributes significantly to Oman’s GDP, making up 2.1% annually. In a testament to its pivotal role, Sohar Port and Freezone account for RO18.4 billion in Oman’s total trade volume, representing 45% of the country’s overall trade exchange.
The third quarter of 2022 showcased robust performance, with a 13% increase in liquid bulk volume, reaching 18 million metric tonnes. The port witnessed a 2% rise in the number of ships, totaling 2,427 calls, indicating a heightened level of activity and operational efficiency. Additionally, there was a noteworthy 4% increase in vehicle carriers, underlining the port’s diverse capabilities in handling various goods.
Omar al Mahrizi, CEO of Sohar Freezone, highlighted the recent formation of the SOHAR Net-Zero Alliance, a groundbreaking initiative aimed at accelerating Oman’s transition to carbon neutrality by 2050. This alliance, a collaboration between Sohar Port and Freezone and its industrial tenants, serves as a platform for sharing insights and strategies, propelling the region toward sustainability.
In 2023 alone, Sohar Port and Freezone witnessed the signing of 11 agreements, securing new investments totaling $632 million. Offering a comprehensive range of services, including warehousing, logistics, and manufacturing facilities, Sohar Port and Freezone continue to attract businesses seeking a strategic and integrated center for their operations in Oman.
As a key driver of economic growth and sustainability, Sohar Port and Freezone’s success story underscores its vital role in shaping Oman’s economic landscape, fostering investments, and contributing significantly to the nation’s trade and development goals.
