Muscat: OQ, the global integrated energy group, has signed a groundbreaking partnership with leading manufacturer Multibond Metal to establish a cutting-edge manufacturing facility at its Ladayn Polymer Park in Sohar Industrial Estate. Valued at $23 million, this innovative project is set to produce advanced polymer solutions for heat resistance and surface protection, a first in the Middle East.
The strategic partnership not only aligns with OQ’s commitment to developing polymer-based industries but also supports Oman’s industrial sector by promoting self-sufficiency and export opportunities. The agreement was formally signed on the inaugural day of Chinaplas 2024 in the presence of Oman’s ambassador to China and OQ’s Chief Executive for Commercial and Downstream.
Hilal Al Kharusi, OQ’s Chief Executive for Commercial and Downstream, expressed his enthusiasm for this historic moment in Oman’s industrial journey. He highlighted the significance of Multibond Metal’s investment in producing innovative products that will benefit various sectors such as construction, healthcare, and packaging.
Ladayn Polymer Park, spanning over a million square meters, has become a beacon of innovation and opportunity, attracting significant investment. With nine projects worth USD 88 million signed in 2023 alone, the addition of Multibond Metal’s $23 million investment in Q1 2024 signals promising growth within the ecosystem.
Sadiq Al Lawati, Managing Director of OQ Marketing, emphasized the park’s commitment to providing a conducive environment for investors. Offering competitive rates and a range of incentives, including access to raw materials and residency opportunities, Ladayn Polymer Park aims to become a premier hub for the polymer industry in the region.
