Sohar Port and Freezone aims to attract $8bn worth investments
MUSCAT, 7 days ago
Oman’s Sohar Port and Freezone, following a new phase of expansion and growth, aims to attract $8 billion worth of new investments over the next five years, said a report.
Part of this targeted inflow will be generated by Sohar’s new reclamation project, according to Mark Geilenkirchen, chief executive officer, Sohar Port and Freezone, reported an Oman Daily Observer report.
Geilenkirchen added that officially to be named ‘Sohar Port South’, the reclaimed land will allow the industrial port to expand its portfolio of companies and add more business to drive growth within the Omani economy.
He added that Sohar will build on the Port of Rotterdam’s extensive experience with similar projects, like the massive Maasvlakte 2 land reclamation in the Netherlands, to achieve the best results during construction.
Maasvlakte 2 is a massive civil engineering project involving the construction of a new port and supporting infrastructure on reclaimed land adjoining Maasvlakte. As an extension of the Port of Rotterdam, the project offers around 2,000 hectares of newly reclaimed land for container terminals and other investments — the difference being that the new ventures are operated on the principles of sustainability.
Moreover, Sohar Port South (known earlier as the Majees Reclamation Project) is a key component of the Sohar 2040 Masterplan, which is currently under finalisation.
Geilenkirchen further noted that on completion it will give a substantial boost to the port’s ability to support Oman’s aim to increase its diversification efforts.
Additionally, part of the reclaimed land that will form part of Sohar Port South has already been leased to “significant” new tenants under contracts signed last year, the official stated.