Duqm: A global investment destination in industry, tourism and renewable energy

The Special Economic Zone at Duqm (SEZAD) is building a reputation as a global investment destination due to its strategic location, modern infrastructure (including roads, an airport, and a port), its vast area of 2,000 square kilometres, and the availability of diverse industrial areas, a logistics zone, clean energy projects, in addition to the incentives and facilities offered to investors.

The second Duqm Economic Forum reinforced Duqm’s position as one of the most prominent economic cities globally. The Forum saw the attendance of more than 400 participants and 54 speakers and experts from within and outside the Sultanate of Oman.

Eng. Ahmed bin Ali Akaak, CEO of the Special Economic Zone at Duqm, explained that the second edition of the Duqm Economic Forum affirmed SEZAD’s potential and capabilities, which encompass numerous investments across various sectors.

In a statement to Oman News Agency, he said that SEZAD has been equipped with services and facilities to attract qualitative investments, not just in processing industries, but also in logistics, smart industries, and food and fisheries industries. He added that SEZAD is also focusing on green industries, including aluminum and iron, in addition to hydrogen production.

Dr. Sulaiman bin Salim Al Hashmi, Researcher at the Centre for Environmental Studies and Research at Sultan Qaboos University, said that Oman possesses unique competitive advantages in the region for renewable energy. This is particularly evident through the mega-projects underway in solar power, wind energy, and green hydrogen, which align with global trends towards reducing reliance on fossil fuels and lowering carbon emissions.

He added that Duqm’s location makes it a global attraction point for clean energy investors. It has high solar rates and stable wind speeds throughout the year, along with vast available land and advanced infrastructure that allow for the implementation of large-scale projects for efficient electricity generation and storage.

Caragh Curran, CEO and Founder of Sustainable Tourism Consultants, said that plans for the development of SEZAD are encouraging for investors.

They reflect a government commitment to developing infrastructure and providing investment opportunities in various sectors, which will increase the inflow of Foreign Direct Investment (FDI).

Wendy Werner, Country Manager for the World Bank Group in Oman, pointed out that Oman has many attractive qualities.

She added that the country has clear goals centred on diversifying income sources and developing free zones, which enhance future potential and investments.

Yusra bint Hamad Albusaidi, Chief Financial Officer at Marafiq, explained that economic forums provide participants with an opportunity to learn about the experiences of countries, governments, and international companies in investment and how to advance their sectors, leveraging the comparative advantages of each country.

Andy Payne, Global Creative Chair & Creative Partner at Interbrand, pointed out that there is diligent work underway to make Oman in general, and Duqm in particular, a preferred brand destination for investors, tourism, and economic activity related to special economic zones.

He added that Duqm is a suitable tourist destination due to its geological diversity and seasonal weather, which contributes to increasing the interest of wide segments of visitors.