Muscat: A memorandum of cooperation was signed to conduct a feasibility study to explore the prospects of developing Mega Hub in Oman, that will contribute to achieving carbon neutrality by 2050, in line with international priorities set forth in the Paris Agreement.

With several long-term impacts, this cooperation aims to attract foreign direct investment to Oman, unlocking new prospects in manufacturing and creating opportunities for support industries revolving around the Mega Hub, while contributing to the national economy and environmental sustainability.

Moreover, the memorandum is closely aligned with the national plans and target of achieving carbon neutrality by 2050, as approved by His Majesty Sultan Haitham bin Tarik.

Guided by the sustainable development and environment themes of Vision 2040, Oman’s ambitious goal of achieving carbon neutrality will pave the way to diversifying sources of revenue, creating sustainable economic growth, building a knowledge-based economy and leveraging diversified clean energy and green technologies to realize sustainable development goals.

Through its industrial strategy, MOCIIP aims to create a diversified sector that relies on technology, knowledge and innovation to increase its contribution to economic growth. This growth strategy also seeks to harmoniously integrate the industrial and energy sectors, while keeping pace with major energy developments in Oman, primarily in green hydrogen.

Plans made under this strategy focus on driving the manufacturing industry towards using renewable energy and reducing emissions in line with the global carbon neutrality agendas; the emphasis will be on industries such as cement, steel, methanol, urea, aluminum, petrochemicals and refineries, to name a few.

The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) signed a memorandum of cooperation with Vale S.A., in partnership with the Public Authority for Special Economic Zones and Free Zones (OPAZ) and Oman’s National Program for Investment & Export Development (Nazdaher).

Source: Times of Oman