Duqm: Oman's Public Authority for Special Economic Zones and Free Zones (OPAZ) has forged a strategic partnership with Korean electric vehicle technology company EL B and T to initiate a significant project aimed at producing electric vehicles and battery cells within the Special Economic Zone at Duqm (SEZAD).
According to Emirates News Agency, the project will unfold in two stages, targeting an ultimate production capacity of 60,000 vehicles annually, along with 1.6 million battery cells by the conclusion of Phase II. Phase I is set to occupy 467,000 square meters, with an additional 429,000 square meters reserved for Phase II. The development aims to nurture an integrated industrial ecosystem for the electric vehicle sector, enhancing value chains related to batteries and other components, thereby paving the way for attracting supplementary industries.
In its initial phase, the project will cater to local market demands in Oman, with an eye towards gradual expansion into the GCC, Middle Eastern, and North African markets. The agreement marks a significant milestone in Oman's industrial development strategy, with Chairman of OPAZ, Qais Mohammed Al Yousef, and Dr. Young Ill Kim of EL B and T formalizing the partnership.
