Exploring Circular Economy Strategies: Key Insights from ‘Duqm Now’ Session on Sept 17 and Their Impact on Oman’s Business Landscape
AL DUQM, SEPTEMBER 7 — Business leaders frequently discuss the importance of identifying emerging trends, and the circular economy may be one of the most significant developments yet. Unlike many fleeting trends, it is driven by an urgent need to reconsider how we utilize the planet’s resources. Advocates highlight not only the environmental imperative but also the economic potential. According to the World Economic Forum, adopting circular models could yield benefits totaling $4.5 trillion by 2030. Meanwhile, the Ellen MacArthur Foundation reports that public equity funds dedicated to circular practices have increased more than twenty-fold since 2019. The critical question remains: Can companies, policymakers, and investors adapt quickly enough?
This question will be explored during the upcoming Duqm Now discussion on Wednesday, September 17, 2025, at 7:30 PM at the Crowne Plaza Hotel Duqm. The panel features Hussain al Lawati, CEO of the Development Bank; Dr. Aisha al Sarihi, Environment Advisor at the Ministry of Economy; and Dr. Mohab al Hinai, VP of Sustainability & Circular Economy at be’ah. The session will be moderated by Talal al Shahri, Director of Specialised Radio Stations at the Ministry of Information and will cover topics ranging from finance and policy to strategic implementation.
The discussion is timely, as global circularity has declined from 9.1% in 2018 to just 7.2% in 2024, according to Circle Economy’s latest report. E-waste continues to rise, with 62 million tonnes generated in 2022 and projections of 82 million tonnes by 2030; however, only 22% of this waste is properly collected, and scarce recycling efforts meet less than 1% of the demand for rare earth materials. This situation poses not only an environmental challenge but also a significant economic risk. Omani companies that rely on the traditional ‘take-make-dispose’ model are vulnerable to fluctuating commodity prices—such as lithium and nickel—and an unstable logistics landscape, a reality exacerbated by tariffs implemented during President Trump’s tenure, which continue to impact global trade. In contrast, businesses focused on reuse and recovery are already enhancing their resilience and discovering new growth avenues.
The choice of Al Duqm as a focal point is intentional. Oman’s goal of achieving net-zero emissions by 2050 is more than a declaration; it is now a guiding principle, with the Oman Net-Zero Centre spearheading national initiatives. Central to Al Duqm’s growth efforts, SEZAD and the Port of Duqm have established integrated infrastructure—from utilities to logistics—promoting industrial symbiosis where businesses transform each other’s outputs into inputs, thereby minimizing waste and enhancing efficiency.
Eng Ahmed Akaak, CEO of SEZAD, views circularity as essential to commercial viability. “Our manufacturers are exporting to some of the most demanding markets worldwide,” he noted in anticipation of the event. “The EU is rapidly implementing sustainability frameworks, including digital product passports and carbon border adjustments. To remain competitive, Al Duqm’s industrial sector must align with these changes. Circularity is no longer a fringe issue; it is crucial for export success.”
This competitive advantage is significant. In Europe, the bioeconomy contributes approximately $1.6 trillion in value, accounting for about 11% of GDP. The takeaway is that when approached earnestly, circularity can serve as a catalyst for growth rather than a compliance hurdle. Al Duqm’s challenge lies in determining whether financial support can bolster circular initiatives, how effectively policymakers can expedite adoption, and to what extent business leaders can innovate their operations to minimize waste and enhance profitability.
For the circular economy to advance beyond mere rhetoric, it is imperative that regions like Al Duqm find effective ways to implement it. The potential exists, but the challenge lies in capitalizing on it before ingrained linear practices and outdated systems become entrenched.
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The circular economy presents a pivotal opportunity for Omani businesses to innovate and enhance resilience against market volatility, particularly in sectors reliant on fluctuating commodity prices. Investors and entrepreneurs must prioritize sustainable practices to align with global trends, tapping into a projected $4.5 trillion market by 2030 while avoiding the economic risks tied to traditional linear supply chains. Activating integrated infrastructures, like those in Al Duqm, could be a game-changer, allowing Omani companies to compete effectively in demanding markets by embracing circularity as a core business strategy.
