Several local and foreign private sector companies signed land usufruct agreements to set up a number of projects worth more than RO800 million ($2.07 billion) in 2016 at Oman’s Special Economic Zone Authority in Duqm (Sezad), said a report.

Also a total of $10.7 billion investments were made at the Chinese Industrial City in Duqm, Yahya bin Said bin Abdullah al Jabri, chairman of Sezad, was quoted as saying in an Oman Daily Observer report.

In an interview with ONA, Al Jabri said that the security and stability enjoyed by the sultanate during the blessed renaissance era provided the suitable environment for investment growth.

He hailed the achievements made in the country over the past 46 years.

Al Jabri added that the Chinese investments, which will stretch over 1172 hectares of land, include 35 projects of which one will be in petrochemical sector, 12 in heavy industries, 12 in light industries and eight in multipurpose uses and a five-star hotel.

He also pointed out that Sezad signed a usufruct agreement with Qatar-based Karwa Automotives to set up a plant for auto assembly with joint Omani-Qatari investments estimated at about RO160 million ($415.6 million).

It also signed agreements to set up real estate and tourism projects that will provide world-class products.