Sohar Port & Freezone Attracts Billions Worth of New Projects in 2024

Total investments at Sohar Port and Freezone (SOHAR) reached an impressive US$30 billion, with 2024 alone contributing over US$4 billion in new projects.

Sohar Port and Freezone celebrated its 2024 performance on Sunday during the annual Business Reception, held under the theme ‘Connecting Commerce, Creating Opportunities’. The event highlighted SOHAR’s role as a cornerstone of Oman’s economic development, directly contributing to the country’s diversification goals under Oman Vision 2040.

Among the major agreements signed last year were a US$1.35 billion polysilicon production facility – the largest of its kind in the Middle East – a US$1.6 billion LNG bunkering project utilising solar energy, and a US$600 million agreement to establish Oman’s first iron ore concentration plant. These projects highlight SOHAR’s leadership in advancing innovation, renewable energy, and industrial development.

Operational performance also demonstrated resilience and growth, with over 3,000 vessel calls recorded in 2024. General cargo throughput increased by 77% compared to the previous year, container volumes grew by 15%, and ship-to-ship operations rose by 19%.

Sohar Freezone saw significant achievements as well, with land occupancy reaching 85%, reflecting robust demand from both existing and prospective tenants.

Commenting on SOHAR’s accomplishments, CEO Emile Hoogsteden said, “Sohar Port and Freezone has become a catalyst for Oman’s economic transformation and a model of innovation and sustainability. As we celebrate two decades of growth, we take pride in how SOHAR has built an integrated industrial and logistics ecosystem that attracts forward-thinking investments and drives global competitiveness. Moving forward, we will continue to align our efforts with Oman Vision 2040, fostering sustainable development and exploring new opportunities to propel Oman’s position on the global stage.”

Sohar Freezone’s strategic growth was further emphasised by Acting CEO Mohammed al Shizawi, who stated, “Sohar Freezone has established itself as a critical enabler for businesses seeking to thrive in a dynamic and interconnected environment. In 2024, we signed nine agreements covering 130 hectares of land and attracting US$1.8 billion in investments, reflecting strong demand and trust in our ecosystem. Our investments in infrastructure, technology, and incentives ensure that all tenants, whether new or established, can unlock their full potential while contributing to Oman’s economic development. The strong demand for land and facilities is a testament to the confidence businesses place in SOHAR Freezone as a hub for innovation and growth.”

In 2024, SOHAR reinforced its sustainability commitment by joining the Alliance for Industry Decarbonisation and continuing the dialogue of the SOHAR Net Zero Alliance, bringing together 12 companies to collaborate on achieving net-zero targets. Other initiatives included expanding the use of biofuels and hydrogen to reduce maritime emissions and partnering with Metcore to enhance fuel accuracy and sustainability.

On the employment front, SOHAR supported nearly 36,000 direct and indirect jobs, showcasing its role as a key driver of economic growth in the region.

Looking ahead, Sohar Port and Freezone remains committed to reducing its carbon footprint, driving innovation in industrial development, and fostering opportunities aligned with Oman Vision 2040. Through sustainable growth, cutting-edge facilities, and a steadfast focus on collaboration, SOHAR will continue connecting businesses to the world and creating opportunities that benefit the nation and its people.