New projects to catalyse Musandam’s economic development

MUSCAT: Musandam Global Investment Company (MGIC), a publicly listed closed joint-stock company on the Muscat Stock Exchange (MSX), has embarked on a series of projects designed to drive economic diversification and sustainable growth in Musandam Governorate.

According to Abdul Razzaq al Balushi, CEO, Musandam Global has established itself as a key driver of economic and social transformation in Musandam since its founding in 2023.

“With 1,885 shareholders from the Musandam community, MGIC embodies local empowerment and long-term investment impact, reflecting the Butterfly Effect theory, where small, strategic investments generate transformative economic growth,” Al Balushi said. “The company plays a pivotal role in launching strategic projects that drive economic diversification and regional prosperity, particularly in the construction and infrastructure sectors,” he added in an interview with The Business Year, a global business intelligence publisher.

Notably, Musandam Global is participating in the governorate’s first-ever integrated residential neighbourhood project under the Surouh initiative in collaboration with the Ministry of Housing and Urban Planning.

“Our flagship development, Tilal Al Nakheel (Palm Hills) in Khasab, is a standout project featuring 650 residential units, including detached and semi-detached villas, townhouses and apartments, spread across 650,000 square metres. The development is thoughtfully designed with public facilities and commercial zones to enhance the community experience. The Surouh initiative reflects Oman’s vision for contemporary urban communities that emphasise citizen well-being, stable living environments, and adaptable planning frameworks,” Al Balushi said.

Additionally, to support the introduction of sustainable energy solutions in the governorate, Musandam Global is partnering with Polish start-up Njord Energy to pilot the first-ever deployment of its Airborne Wind Energy (AWE) technology in the region.

Under a recently signed Memorandum of Understanding (MoU), the two sides will collaborate on a Proof of Concept (PoC) for deploying an Airborne Wind Energy system designed to demonstrate the feasibility and reliability of continuous renewable energy generation in Musandam.

The system utilises kite sails to capture wind energy efficiently at altitudes of up to 1,000 metres, generating power ranging from 10 kW to over 500 kW, with minimal environmental impact and at a significantly lower cost than traditional turbines.

Furthermore, Musandam Global is partnering with leading Turkish investors to establish Musandam Drydock and Marine Industries LLC, catering to ship repair, maintenance and manufacturing services.

“The facility is expected to drive innovation, support Oman’s fisheries sector and strengthen the maritime supply chain, ensuring long-term economic benefits for the country. The project aligns with Oman Vision 2040, aiming to bolster logistics, infrastructure and maritime capabilities, while reinforcing Musandam’s strategic role in international trade and shipbuilding excellence,” the CEO said.

Other initiatives in various stages of planning and implementation include an integrated hatchery and fish-packing facility; beautification projects around Khasab and Bukha; the development of high-end resorts and heritage attractions; the creation of educational and smart city zones to attract national and international talent; and initiatives to integrate Musandam more deeply into global trade flows, he added.

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