Oman's Salalah Free Zone, a major industrial and petrochemicals hub on the Indian Ocean, revealed that it has received investments worth $5.6 billion, according to a top official.

The figure includes more than $1.3 billion in capital investments committed this year alone by Oman Oil Company (OOC), the energy and strategic investment arm of the Omani government, added the Oman Daily Observer report.

The investments will contribute to the execution of two vital midstream and downstream projects — a liquefied petroleum gas (LPG) extraction plant valued at $830 million and an estimated $450 million ammonia venture, it said.

A ceremony marking the successful conclusion of land lease, financing and related agreements linked to the implementation of the latter project was held recently.

Awadh bin Salim Al Shanfari, CEO of Salalah Free Zone, said that the free zone has been very keen to host strategic projects, two of which have been signed so far this year, and we thank Oman Oil Company for their trust in the free zone.

He added that the investments in the free zone are not limited to hydrocarbon related projects.

Al Shanfari noted that they are of a diverse nature and promoted by investors from around the world. Actual investments total $5.6 billion and range from foodstuff manufacturing and textiles to oil and gas related ventures.