SOHAR Continues to Attract Foreign Investment Despite Turbulent Market Conditions

Muscat: Despite the current challenging market conditions resulting from the pandemic and fluctuating oil prices, SOHAR Port and Freezone reported an increase in cargo volume and overall performance in 2020.  

The port recorded a 1% increase in the number of containers that reached the port, whilst breakbulk increased by 18.2%, liquid bulk by 5.9% and dry bulk by 1.5%. In addition, the port also recorded 100% growth in Ship-to-Ship (STS) cargo given its strategic location and its reputation for delivering unmatched quality of service with quick turnaround times.

Mark Geilenkirchen, CEO of SOHAR Port, said, “Since the start of the pandemic in the first quarter of 2020, one of the key challenges faced by businesses around the globe has been securing supply chains and ensuring their business continuity. At SOHAR Port, we put in place precautionary measures and identified solutions to best serve our clients and the various markets.  A testament to our proactive approach, we were able to continue contributing to the Sultanate’s GDP and support the objectives of the Government of Oman in its diversification plans.”

Complementing the growth of the Port, SOHAR Freezone showcased significant development. It has recorded a 3.8% increase in total export, 14.6% rise in represented companies and 1.1% increase in total throughput.

Omar Mahmood Al Mahrizi, DCEO of SOHAR Port – CEO of SOHAR Freezone, stated, “We continue to attract foreign direct investments and support the continuity and growth of existing businesses by implementing efficient business procedures, digitalizing our processes and improving the level of services provided.”  

“Hosting several integrated services and plenty of leasable land options at our complex, we can provide potential investors with a unique offering at SOHAR. With a number of projects in the pipeline and the launch of the Solar PV farm, we look forward to expanding further and tap into markets, regionally and globally, allowing us to increase our contribution to the objectives of the Oman Vision 2040 and boost the position of the logistic sector in Oman,” Omar added.

On the ICV (In-country value) forefront, SOHAR witnessed 63% of Local Purchase Orders total value of local purchase orders with a total value of approximately OMR 1.8 million.  

“We continue to contribute towards efforts aimed at achieving the objectives of the Oman Vision 2040. This is particularly with regard to economic diversification, in line with the government’s directives, spearheaded by His Majesty Sultan Haitham bin Tarik – May the Almighty protect and preserve him,” Omar added. 

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