Oman Signs $250 Million Deal for EV, Battery Cell Plant in Duqm
Muscat, The Gulf Observer: Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ) has signed an investment usufruct agreement with Korean electric vehicle technology company EL B&T to establish a major electric vehicle (EV) and battery cell manufacturing project in the Special Economic Zone at Duqm (SEZAD).
The project carries an estimated investment value of RO 96.2 million (approximately $250 million) and is aimed at strengthening Oman’s position in the regional electric mobility and advanced manufacturing sectors.
The agreement was signed on behalf of OPAZ by its Chairman Qais Mohammed Al Yousef, while Dr. Young Ill Kim signed on behalf of EL B&T.
According to the Oman News Agency (ONA), the project will be implemented in two phases, with the facility expected to achieve an annual production capacity of up to 60,000 electric vehicles and 1.6 million battery cells upon completion of the second phase.
Under the plan, Phase I will span an area of approximately 467,000 square metres, while the company is expected to reserve an additional 429,000 square metres for the expansion phase.
The project is expected to contribute to the development of an integrated industrial ecosystem for the electric vehicle sector in Duqm by strengthening supply chains related to batteries and automotive components, while also attracting complementary industries in the future.
During the first phase, production will primarily focus on meeting domestic demand in Oman, with gradual expansion planned into GCC, Middle Eastern, and North African markets.
