Muscat, Oman Qais Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, met with representatives from Taiwanese tech leader EONH Private Holdings and Chinese electric vehicle (EV) manufacturer Jetour Global to discuss strategic investments aimed at advancing Oman’s industrial sector. These initiatives align with the Oman Industrial Strategy 2040, positioning the Sultanate as a leading hub for advanced industries.
Oman’s Commitment to Industrial Innovation
During the meeting, Al Yousef reaffirmed the government’s commitment to attracting high-value investments in emerging sectors such as semiconductors and electric vehicles. He emphasized the importance of public-private collaboration to facilitate investment success and enhance Oman’s global competitiveness.
Semiconductor Industry: A New Frontier for Oman
Steve Chao, Chairman of EONH Private Holdings, highlighted the company’s decision to select Oman as its first regional investment destination. The firm plans to establish a semiconductor chip manufacturing facility, a key driver for Fourth Industrial Revolution (4IR) technologies and artificial intelligence (AI).
The initiative also includes a specialized training and research center to transfer knowledge, develop local talent, and support Oman’s transition into a knowledge-based economy.
Jetour Global’s $18 Billion EV Investment
A representative from Jetour Global unveiled plans to invest OMR 6.9 billion ($18 billion USD) in Oman’s electric vehicle sector, with an estimated 10,000 job opportunities to be created. The project is expected to launch within two years, further boosting Oman’s role in the global EV supply chain.
Aligning with Oman Industrial Strategy 2040
Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion, emphasized that these projects align with the priorities of Oman’s Industrial Strategy 2040, which focuses on capital-intensive and technology-driven industries like semiconductors, EVs, and battery production.
To streamline implementation, Masan called for the formation of a technical team to create an executive plan for industrial localization, ensuring that Oman maximizes the benefits of these landmark investments.
Driving Economic Diversification and Growth
By attracting leading global investors, Oman is reinforcing its commitment to economic diversification, boosting in-country value (ICV), and expanding industrial development across its governorates. These strategic initiatives will significantly enhance the industrial sector’s contribution to Oman’s GDP, further positioning the Sultanate as a key player in the global advanced manufacturing landscape.
