Duqm Economic Forum Highlights Opportunities, Emphasizes Integrated Tourism

Duqm Economic Forum Highlights Opportunities,Emphasizes Integrated Tourism

Duqm, 27 (ONA) — The 2nd edition of the Duqm Economic Forum 2025 kicked off today.

The event is Organized by the Public Authority for Special Economic Zones and Free Zones “OPAZ” under the theme “Leading Change”. It is attended by more than 400 participants and 54 speakers from Oman and abroad.

The opening of the Forum was held under the auspices of Sultan bin Salim Al Habsi, Minister of Finance.

The Minister of Finance said that the Forum supports Oman's drive to promote the growth of qualitative projects and explore investment opportunities in the Special Economic Zone at Duqm. This focus is particularly on areas with a competitive advantage that supports processing industries, green industries, and clean energy such as green hydrogen and logistics services.

In a statement to Oman News Agency, Al Habsi added that the government is committed to offering various attractive incentives and advantages to serious investors for investment in the Special Economic Zone at Duqm and other economic zones and industrial cities.

He noted that a government team named the Negotiation Team, reporting to the Investment Sector at the Ministry of Commerce, Industry, and Investment Promotion, has been formed. Comprised of officials from various government entities, this team will accelerate approvals and facilitate overcoming difficulties for major investors.

He emphasized that the SEZAD is an integrated environment that supports work and living. He pointed out that the Zone is one of the largest special economic zones in the Middle East, covering an area of over 2,000 square kilometers and benefiting from highly efficient infrastructure, including a commercial port, a dry dock for ship repair, and an airport that accommodates both passenger and cargo aircraft.

On the other hand, Sheikh Dr. Ali bin Masoud Al Sunaidy, Chairman ofOPAZ said that the second edition of this Forum focuses on the quality of life in Duqm, considering that Al Wusta Governorate has many oil fields in addition to the renewable energy products that will be established in the Special Evonomic Zone at Duqm. This necessitates that the Zone becomes a center equipped with services.

He added in a statement that the Forum is discussing different products that the Duqm Special Economic Zone can offer to make it distinct from other economic zones in the world.

He explained that the Forum complements the energy production phase that the SEZAD focused on in the past. Currently, the Forum is discussing the phase of utilizing that renewable energy.

In his opening address, Eng. Ahmed bin Ali Akaak, CEO of the Special Economic Zone at Duqm (SEZAD), affirmed that "Over the past years, the Special Economic Zone at Duqm has successfully asserted its economic and tourism presence locally and internationally. The committed investments in the Zone rose to over RO 6.3 billion (equivalent to $16.4 billion USD) by mid-year, registering a 5.3% growth compared to the same period last year, and a 71.8% growth from the RO 3.68 billion level recorded at the end of 2022."

He also stressed that "The growing economic standing of Duqm reflects the investment environment in the Sultanate of Oman and the efforts of the Public Authority for Special Economic Zones and Free Zones to stimulate investments."

Akaak noted that the SEZAD Strategy (2026-2030), launched last March, aims to enhance the Zone's capabilities and potential for attracting investments. It focuses on positioning the Zone as the strategic location of choice for renewable energy and sustainable industries, thereby providing numerous business opportunities, stimulating the tourism sector, and developing the lifestyle.

Furthermore, Andrew Michael Payne,Global Chief Creative Officer of Interbrand Group, delivered a keynote speech, in which he highlighted the power of destination branding.

The first day of the Forum witnessed the signing of several agreements, including a strategic partnership agreement between OQ (Oman Tank Terminal Company - OTTCO) and the Dutch company Royal Vopak.

The Strategic Partnership Agreementwas signed by Ashraf bin Hamad Al Maamari, Group CEO of OQ andChris Robblee, President of Asia & Middle East Divisionof Royal Vopak.

This partnership involves investing in the establishment and operation of facilities for storing petroleum and chemical products in SEZAD, with future plans for expansion to include qualitative projects in green ammonia and green hydrogen, enhancing Oman's position as an international logistics hub and supporting its drive toward economic diversification and clean energy.

Commenting on this agreement, Eng. Salim bin Marhoon Al Hashmi, Managing Director of OTTCO, said:“This agreement comes as part of OQ Group’s vision to enhance the utilization of Oman’s national energy resources, support economic diversification efforts, and create high local value that enriches domestic markets and empowers small and medium enterprises.

“The partnership with Royal Vopak marks a strategic milestone that reinforces Duqm’s position as a competitive global economic hub and contributes to building an integrated energy ecosystem capable of keeping pace with the world’s transition toward more connected and sustainable systems.”

“The establishment of the new company, with OTTCO holding a 51% stake and Vopak 49%, represents a major step forward in developing and operating advanced storage and export facilities in Duqm, designed to meet global energy flow requirements. This partnership brings together OTTCO’s national role as a cornerstone of the energy and logistics sector in Duqm and Vopak’s global operational expertise in managing and operating storage and export terminals—creating an integrated infrastructure that drives sustainable industrial growth and enhances Oman’s position on the regional and international energy map.”

“Through this agreement, OTTCO reaffirms its strong commitment to building strategic partnerships that support Oman’s national economic diversification. The company has recently launched key regional initiatives, including the signing of a Memorandum of Understanding with Iraq’s Ministry of Oil, represented by SOMO, to develop an integrated crude oil storage project in Ras Markaz—further strengthening OTTCO’s role as a regional hub for crude oil storage and export.”

“This partnership with Vopak goes beyond the development of conventional storage infrastructure. It looks toward the future by expanding into clean energy ventures such as green hydrogen and green ammonia, reflecting our commitment to aligning with the global transition toward low-carbon energy.”

“Today, Duqm stands as an advanced regional platform for the storage and export of petroleum, petrochemical, and clean energy products embodying Oman’s growing role at the heart of the global energy transformation.”

A strategic partnership agreement was also signed between Energy Development Oman (EDO) and Japan's Sumitomo Corporation.

The agreement was signed by Mazin bin Rashid Al Lamki, CEO of EDO, and Masahiro Yoshimura, General Manager of Sumitomo Corporation.

The agreement aims to establish and manage a specialized company for supply chain management in the energy sector, as part of a joint strategic project in Oman.

Furthermore, an MoU was signed between the Special Economic Zone at Duqm (SEZAD),Oman Company for the Development of the Special Economic Zone at Duqm S.A.O.C (Tatweer)and Al Abrar Real Estate Company (a subsidiary of Al Siyabi International Group) to develop an integrated tourism, residential, and commercial project in the Special Economic Zone at Duqm.

The MoU was signed by Eng. Ahmed bin Ali Akaak, CEO of the Special Economic Zone at Duqm (SEZAD), Eng. Abdullah Al Wahaibi, CEO ofTatweer and Sheikh Salim bin Ali Al Siabi, Chairman of the Board of Directors ofAl Abrar Real Estate Company.

A strategic partnership agreement was signed between Marafiq Duqm and the German University of Technology in Oman (GUtech). This agreement stipulates that Marafiq will fund the construction of a social complex for its facilities in the Zone, while GUtech will undertake the construction process using 3D printing technology, in addition to managing and operating the complex for a long-term after completion.

The agreement was signed by Yusra bin Hamad Al Busaidi, CFO of Marafiq and

Abbas bin Hamdan Al Ajmi, Associate Deputy Rector for Administration and Finance at GUtech.

An MoU was also signed between Port of Duqm Company and Japan's Nippon Yusen Kaisha (NYK Line). The MOU aims to develop strategic cooperation between the two parties in maritime transport and port infrastructure, enhancing Duqm Port's status as a pivotal maritime and logistics center in the region.

This MoU was signed by Reggy Vermeulen, CEO of the Port of Duqm and Yuji Otsuka, General Manager Dry Bulk & Energy Business Coordination Group.

The first day of the Forum included four high-level sessions that featured extensive discussions involving a group of government officials, decision-makers, investors, business leaders, academics, and economic experts from around the world.

The first session, titled "Opportunity Unleashed," discussed how Oman's economic achievements create a competitive advantage. It highlighted how Oman Vision 2040 and the 2050 carbon neutrality goal are directing investments toward promising sectors, including renewable energy, tourism, manufacturing, logistics, as well as fisheries, digital networks, and national competency development.

The second session, titled "The Duqm Experience: Crafting a New Narrative in Luxury & Adventure Tourism," reviewed Duqm's potential as a global destination for travelers seeking conscious luxury and exciting adventures. It discussed emerging opportunities in developing sustainable resorts, high-end eco-tourism, marine and desert adventures, and cultural immersion experiences. Speakers addressed the required infrastructure, investments, and partnerships needed to realize this ambition, alongside challenges related to balancing conservation and development, creating exceptional personalized experiences, and achieving the highest levels of luxury. The global luxury tourism market is valued at approximately $1.7 trillion and continues to grow as high-net-worth individuals seek exclusive and authentic experiences. In parallel, the adventure tourism market was valued at $804 billion in 2024 and is projected to reach $1.6 trillion by 2032, reflecting travelers' interest in unique and unforgettable experiences. Both categories are priorities for the Ministry of Heritage and Tourism in Oman.

The third session discussed "Building a Regenerative Tourism Model: Taking the Lead" and revealed how Duqm can take the regional lead by implementing innovative business strategies and investment frameworks that revive natural environments while simultaneously achieving sustainable economic value. The session also covered innovative financing mechanisms, from green bonds to impact investment portfolios, that can support the development of regenerative tourism.

The fourth session, "The Green Blueprint - Manufacturing in the Net Zero Era," affirmed that Duqm is reshaping the rules of manufacturing in the era of carbon neutrality. Participants emphasized leveraging AI, renewable energy, and green hydrogen to drive a sustainable industrial revolution. From pioneering next-generation projects to hosting advanced green ammonia and hydrogen production facilities, Duqm exemplifies how technology and infrastructure can align with environmental protection and how financing is evolving to support this transition. Participants stressed that Duqm's rich natural resources—from sun and wind to advanced ports and integrated facilities—form an ideal foundation for green finance. This unique combination attracts investors and institutions with Environmental, Social, and Governance (ESG) orientations, given the Zone's pipeline of scalable and financeable projects that address climate challenges and deliver long-term sustainable value.

The second day of the Forum will feature five more sessions: "The Art of Agility - Manufacturing in a Fast-Paced World”; "Greenfield Development, Blue Sky Thinking - Duqm Urban Infrastructure Design”; "The Smart Frontier: Positioning Duqm as a Leader in Future Ready Urbanization”; "Talent Magnet - Live, Work & Play” and the fifth and final session titled "It Takes a Village: Empowering Communities Through Tourism Development."