Oman Powers Up: Major Deals Boost Industrial Manufacturing

Oman's state energy company OQ Group secures agreements worth over 230 million Omani rials with global firms to boost advanced manufacturing projects. The move seeks to enhance Oman's regional and global industrial standing by directing local resources into high value-added industries.

Oman's state energy company, OQ Group, has signed significant agreements with global entities, MAC and Deepak, valued at over 230 million Omani rials (approximately $597.48 million). This ambitious collaboration is poised to develop advanced manufacturing projects, marking a pivotal step for Oman's industrial sector.

This initiative aims to leverage locally produced raw materials, channeling them into high value-added industries. By doing so, Oman seeks to bolster its standing within both regional and global industrial value chains, reinforcing its economic infrastructure and competitiveness.

The state news agency highlighted that the move aligns with Oman's broader strategic objectives in diversifying and strengthening its economic foundations. With the conversion rate currently pegged at $1 equating to 0.3850 Omani rials, these investments represent a considerable financial commitment to Oman's future.

(With inputs from agencies.)