Oman is accelerating industrial diversification through new investment agreements exceeding OMR 200 million. A key project involves Alshaya Group, which plans to invest about OMR 41 million in a specialty steel plant at the Special Economic Zone at Duqm. 

The facility, using electric arc furnace technology, will produce 306,000 tons annually by 2028, rising to 342,000 tons by 2030. The project aligns with regional efforts to promote low-carbon manufacturing and reduce reliance on imports. 

Duqm’s strategic port access and growing green hydrogen initiatives further strengthen its appeal as a future hub for sustainable steel production in the Middle East.