Oman`s Public Authority for Special Economic Zones and Free Zones (OPAZ) in collaboration with the Salalah Free Zone, recently agreed terms for an advanced battery chemical materials project. Notably, the signing ceremony occurred at OPAZ headquarters in the presence of senior officials from OPAZ and Salalah Free Zone.
Project Represents Substantial Investment And Will Be Implemented In Stages
The project represents an investment of over OMR 188 million (USD 488.75 million) and will be implemented in phases. Accordingly, the first phase alone is valued at over OMR 73 million (USD 189.78 million). Covering 370,000 square metres, the project will focus on producing lithium iron phosphate, ammonium phosphate, iron salts and carbon materials. Furthermore, these chemicals are used in batteries for electric vehicles, energy storage and modern electronic technologies. As a result, the facility will produce of 100 gigawatt-hours batteries, serving the electric vehicle industry and energy storage solutions.
Agreement Highlights Growing Confidence In Omani Market
Notably, the agreement reflects close coordination between ‘Invest Oman’ and OPAZ and highlights the growing confidence in Oman’s investment environment. OPAZ is committed to attracting investments aligned with the economic diversification objectives of Oman Vision 2040 and its goal of achieving carbon neutrality by 2050. In addition, it represents a strategic addition to Salalah Free Zone, showcasing its ability to attract high-value projects in the green industry sector. Accordingly, it will establish a local base to produce lithium battery materials, creating investment opportunities across the battery value chain. It will also generate direct and indirect jobs and help develop the skills of Omani youth in this important sector. Moreover, OPAZ – in collaboration with the National Negotiation Team – has worked tirelessly to link the project with essential service incentives. These include fostering sustainable local value through economic diversification, industrial innovation, technology transfer and developing a national supply chain.
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