New Projects to Catalyse Musandam’s Economic Development: Key Opportunities for Investors and Entrepreneurs
Muscat: Musandam Global Investment Company (MGIC), a publicly listed closed joint-stock company on the Muscat Stock Exchange (MSX), has launched a series of projects aimed at promoting economic diversification and sustainable development in Musandam Governorate.
Since its establishment in 2023, MGIC has positioned itself as a key driver of economic and social transformation in Musandam, according to Abdul Razzaq al Balushi, the company’s CEO. “With 1,885 shareholders from the Musandam community, MGIC exemplifies local empowerment and the impactful potential of long-term investments. This reflects the Butterfly Effect theory, where small, strategic investments spur significant economic growth,” he stated in an interview with The Business Year, a global business intelligence publisher. Al Balushi emphasized MGIC’s crucial role in launching strategic projects that foster economic diversification and regional prosperity, especially within the construction and infrastructure sectors.
A notable achievement is MGIC’s involvement in the governorate’s first integrated residential neighbourhood project under the Surouh initiative, developed in partnership with the Ministry of Housing and Urban Planning. The company’s flagship development, Tilal Al Nakheel (Palm Hills) in Khasab, features 650 residential units, including detached and semi-detached villas, townhouses, and apartments spread over 650,000 square metres. The project incorporates public facilities and commercial zones to enhance community living. The Surouh initiative aligns with Oman’s vision for modern urban communities that prioritize citizen well-being, stable living environments, and flexible urban planning.
In addition, MGIC is collaborating with Polish start-up Njord Energy to introduce sustainable energy solutions in Musandam by piloting the region’s first Airborne Wind Energy (AWE) technology deployment. Under a newly signed Memorandum of Understanding, the two entities will jointly develop a Proof of Concept to demonstrate the viability and reliability of continuous renewable energy generation in the area. This innovative system employs kite sails to capture wind energy at altitudes up to 1,000 meters, generating between 10 kW and over 500 kW of power efficiently, with minimal environmental impact and at a fraction of the cost of traditional wind turbines.
Further expanding its portfolio, Musandam Global is partnering with Turkish investors to establish Musandam Drydock and Marine Industries LLC, focusing on ship repair, maintenance, and manufacturing services. “This facility is expected to drive innovation, bolster Oman’s fisheries sector, and reinforce the maritime supply chain, delivering sustained economic benefits. It supports Oman Vision 2040 by enhancing logistics, infrastructure, and maritime capabilities, while strengthening Musandam’s strategic position in international trade and shipbuilding,” said Al Balushi.
Additional projects are in various stages of development, including an integrated hatchery and fish-packing facility, beautification efforts in Khasab and Bukha, development of luxury resorts and heritage attractions, and the establishment of educational and smart city zones aimed at attracting both national and international talent. Initiatives are also underway to deepen Musandam’s integration into global trade networks, the CEO added.
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Musandam Global Investment Company’s multifaceted projects signal significant opportunities for economic diversification and sustainable growth in Musandam, particularly in construction, renewable energy, and maritime sectors. Smart investors and entrepreneurs should focus on green technologies and maritime innovations as these initiatives align with Oman Vision 2040 and promise long-term regional and national impact. This transformation also creates a strong local ecosystem for community-focused urban development and global trade integration, positioning Musandam as a strategic hub.
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