Muscat, May 10 (QNA) - Oman's Public Authority for Special Economic Zones and Free Zones  (OPAZ) signed an investment agreement on Sunday with the Republic of Korea electric vehicle technology company EL B&T to establish an electric vehicle and battery cell manufacturing plant in the Duqm Special Economic Zone, with investments estimated at approximately OMR 96.2 million (USD 250 million).

The project will be implemented in two phases, with annual production capacity expected to reach 60,000 vehicles and 1.6 million battery cells upon completion of the second phase.

The project is also expected to support the development of an integrated industrial ecosystem for the electric vehicle sector by strengthening value chains related to batteries and other components, contributing to attracting complementary industries in the future.

The first phase of the project will focus on meeting demand in the Omani market, with plans for gradual expansion into GCC, Middle East, and North African markets.

The company's plans also include establishing a green energy station at the industrial facility in Duqm as the primary source of power for production operations, in addition to studying the development of an external electric motor for speedboats and fishing boats to support efforts aimed at reducing carbon emissions in Omani waters.

The company is also considering establishing a joint venture to further develop the fishing boat concept, with plans to export the boats to Indonesia, India, South Korea, and other international markets. (QNA)