Skip to content Skip to Search
Skip navigation

Oman signs $88m industrial projects in plastics sector

By Pramod Kumar
Oman News Agency
The agreements focus on promoting Omani goods and services or those provided by locally registered suppliers

OQ Refineries and Petrochemical Industries has signed nine investment agreements worth $88 million to establish industrial projects in the Ladayn polymer park in Sohar Industrial City.

The agreements focus on promoting Omani goods and services or those provided by locally registered suppliers, state-owned Oman News Agency reported.

The company, a subsidiary of state-run OQ Group, said boosting in-country value is a central element of the group’s investment strategy to enrich local markets, support domestic products and strengthen small and medium enterprises.

The strategy to localise select goods is estimated to contribute $46 million annually to the in-country value.

The collective investments are predicted to create 290 direct job opportunities and 600 indirect job opportunities.

Ladayn Polymer Park is focused on helping the sultanate become self-sufficient in plastic products and boost its presence in the international plastics market.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]