عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Oman's Jindal Shadeed to Invest $3 Bn to Produce Green Steel at Duqm Port

Officials at the signing ceremony of the new Jindal Shaheed manufacturing facility. (ONA)
Officials at the signing ceremony of the new Jindal Shaheed manufacturing facility. (ONA)
TT
TT

Oman's Jindal Shadeed to Invest $3 Bn to Produce Green Steel at Duqm Port

Officials at the signing ceremony of the new Jindal Shaheed manufacturing facility. (ONA)
Officials at the signing ceremony of the new Jindal Shaheed manufacturing facility. (ONA)

Jindal Shadeed Group announced that it selected Oman's Special Economic Zone at Duqm (SEZAD) to establish a manufacturing facility, slated to be the largest of its kind, to produce green steel.

The strategic project is being built over an area estimated at approximately 2 square kilometers in the concession zone at the Port of Duqm with an investment value estimated at $3 billion.

The agreement stipulated that the Jindal Shadeed Group would utilize renewable energy sources and green hydrogen in manufacturing operations.

Officials signed the memoranda of understanding (MoU) and the land reservation agreement under the auspices of Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), Ali bin Masoud al-Sunaidy.

It was signed by Deputy Chairman of OPAZ Ahmed bin Hassan al-Dheeb, Vice President of the Authority and CEO of Jindal Shadeed Group Harsha Shetty.

The Jindal Shadeed Group and CEO of Duqm Port Reggy Vermeulen signed the land reservation agreement.

Jindal Shadeed Group also signed an MoU with the centralized utility provider (Marafiq) to provide the plant with the utilities necessary to operate the project, such as water services, seawater for cooling purposes, and other Marafiq services.

The agreement was signed by Vice President of Commercial Operations at Marafiq Talal al-Lawati.

Sunaidy confirmed that Oman is moving towards expanding renewable energy production through wind and solar energy, part of which will be exported and the rest for local use.

He told reporters that the Jindal Shadeed project for the production of green iron is the first significant project expected to produce 5 million tons of green iron when the infrastructure is completed.

The green iron produced at the project will be exported to car factories around the world, factories that produce windmills, and factories that produce household appliances.

He added that Duqm projects utilize renewable energy in line with the directives of Sultan Haitham bin Tariq and seeking net neutrality by 2050.

Sunaidy explained that they would benefit from the recent announcement of the Ministry of Energy and Minerals allocating large areas to the project within the SEZ, hoping that the project's construction will begin by the end of next year with the completion of the economic feasibility study.

Al-Dheeb stressed that a project of this caliber would be an added value to the heavy industries cluster in the Special Economic Zone at Duqm and would play a vital role in the development of Duqm as a key industrial hub.

He noted that the signing of the MoU and agreement is a testament to the importance of the SEZ at Duqm and further underscores its position as a leading and attractive destination for large strategic projects that will benefit from renewable energy and green hydrogen.

The availability of solar energy and wind resources throughout the year will encourage more investments in green industries and renewable energy projects in Oman and Duqm.

Oman is making commendable efforts toward using cleaner energy sources to meet industrial requirements, remarked al-Dheeb, adding that the measures align with the priorities of Oman Vision 2040 to use alternative energy and sustainable natural resources.

The project also serves the comprehensive national strategy, which focuses on reducing emissions and achieving carbon neutrality.

Most Viewed

 
 
Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
TT
TT

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
TT
TT

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
TT
TT

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.