Oman to establish $250 million EV wiring and battery cell project in Duqm

Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ) has signed an investment usufruct agreement with Korean EV technology company EL B&T to establish an electric vehicle and battery cell manufacturing project in the Special Economic Zone at Duqm.

Valued at approximately $250 million, the project will be developed in two phases and is expected to reach an annual production capacity of 60,000 vehicles and 1.6 million battery cells upon completion of phase II, Oman News Agency (ONA) reported.

The first phase covers an area of about 467,000 square metres, while an additional 429,000 square metres has been allocated for the second phase.

The project forms part of Oman’s efforts to expand industrial investment and strengthen its position in advanced manufacturing and electric vehicle supply chains within the Duqm economic zone.

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.