MUSCAT, 10th May, 2026 (WAM) – Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ) signed an investment usufruct agreement with EL B&T, a Korean electric vehicle (EV) technology company, to establish a project for the production of electric vehicles and battery cells in the Special Economic Zone at Duqm (SEZAD).
The project has an investment value of approximately RO 96.2 million ($250 million).
The agreement was signed on behalf of OPAZ by Qais Mohammed Al Yousef, Chairman of OPAZ, while Dr. Young Ill Kim signed on behalf of the Korean company.
According to Oman News Agency (ONA), the project will be implemented in two phases, with a production capacity of up to 60,000 vehicles annually and 1.6 million battery cells upon completion of Phase II.
Phase I will cover an area of 467,000 square metres, while the company is expected to reserve an additional 429,000 square metres for the second phase. The project is expected to support the development of an integrated industrial ecosystem for the electric vehicle sector in the zone by strengthening value chains linked to batteries and other components, helping attract complementary industries in the future.
During Phase I, the project will focus on meeting demand in the local market in Oman, with gradual expansion planned towards the GCC, Middle East, and North African markets.
Source: Emirates News Agency