MUSCAT : Now home to seven factories producing iron ores, contributing about 2% to the nation’s gross domestic product (GDP), according to the latest industrial survey, these factories achieved exports worth RO 687 million in 2022, supporting 1,681 direct jobs and thousands more indirectly, with an Omanization rate reaching 45%.

His Excellency Dr. Saleh bin Saeed Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, stressed that the iron industries and their downstream products represent one of the main directions in the Sultanate of Oman’s industrial strategy for the year 2024, due to the great local and international demand for them, and their role in strengthening global supply chains in the iron and steel markets.

The iron sector in Oman incorporates cutting-edge technology and innovations in production, increasingly embracing renewable energy for sustainable operations. His Excellency underscored the industry’s broad economic impact, which spans from supporting heavy industries to machinery, equipment, and transport manufacturing.

Oman’s industrial sector is attracting global investments, notably with recent partnerships from South America and East Asia. Highlighting these efforts, Vale Oman and Jenaan Iron and Steel Group have signed an agreement to build Oman’s first iron ore concentration plant at Sohar Port and Free Zone. This RO 240-million ($624 million) project aims to produce 12.6 million tons of high-quality iron concentrate, generating both direct and indirect employment and strengthening Oman’s role in global iron and steel markets.

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