Oman is seeking foreign investments worth $2.5 billion in industrial projects in its planned Sohar free zone to create jobs as the Sultanate tries to diversify its oil-based economy, an official said on Sunday.
“There are projects in plastics, metals and petrochemicals in the Sohar free zone that need about $2.5 billion of foreign investments in the next five years,” Jamal Tawfiq Aziz, deputy CEO of Sohar Industrial Port Co, said in a statement.
“If the foreign companies employ a certain number of nationals, the tax exemption will go further than ten years,” he said, adding that the aim is to create 25,000 jobs for nationals.
Oman is developing Sohar as an industrial centre. The port city is home to a 116,000 barrels-per-day refinery, as well as methanol and polypropylene plants and an airport is planned