Vale, a Brazilian mining giant, planned to finalize its investment decision this year for a green steel complex at the Special Economic Zone at Duqm (SEZAD). The $5 billion mega hub focuses on manufacturing eco-friendly iron ore pellets and hot briquetted iron (HBI) to supply steelmakers throughout the Middle East.

According to Nasser Al Azri, CEO of Vale Oman Pelletising Company, the project has already drawn substantial interest from global investors. Under Vale's strategic model, the company manages iron ore enrichment while partners handle logistics and direct reduction plants.

The full completion is scheduled for 2029, and the first phase begins this year. This Oman facility is part of Vale’s plan to establish three regional mega hubs in the Middle East.