United Solar Holding Inc. Announces Groundbreaking Polysilicon Project in SOHAR Port and Freezone

Poised to be the first of its scale in the Middle East

SOHAR, Oman, March 18, 2024 /PRNewswire/ -- United Solar Holding Inc. announces the laying of the foundation stone for its polysilicon factory in SOHAR Port and Freezone (SOHAR), Sultanate of Oman. The USD 1.35  billion landmark project is set to be one of the world's largest and the Middle East's first with an annual production capacity of 100,000 tons. Expected to commence operations in 2025, the project underscores a vision for sustainable growth and development.

United Solar Holding Inc. announces groundbreaking polysilicon project in SOHAR Port and Freezone

The polysilicon factory represents a critical advancement in the production of high-quality solar panels, semiconductors and modules that will diversify the Omani economy and accelerate industrialization, aligning seamlessly with SOHAR's drive to foster a green energy sector. By manufacturing materials that reduce solar panel costs, this project is expected to lower operational expenses within the sector, ultimately leading to decreased energy prices and in-turn attract global investments.

In addition, the polysilicon factory will further solidify SOHAR's position as a key player in the global trade network, offering unparalleled access to world markets and attracting downstream industries like solar energy component manufacturing and new modern industries. Amplifying this vision, SOHAR Freezone's strategic location and robust infrastructure offer a compelling value proposition including a bonded corridor to SOHAR Port, excellent links to regional markets, a strong maritime network and ample and easy access to Oman's raw materials and infrastructure, such as utilities, power, and water solutions. This is further enhanced by One-Stop-Shop services, favorable trade agreements like the USA Free Trade Agreement, and competitive energy costs.

Today, SOHAR Freezone is home to various industries from 53 countries reinforcing its position as an engine of economic diversification. The total investment in 2023 grew by 30% and land occupancy grew by 19% compared to 2022. With 85% of Phase I fully leased, Phase II is underway offering a total land area of up to 675 hectares, aiming to meet the expanding needs for industrial and commercial space. The Freezone's commitment to fostering key industries—ranging from petrochemicals and plastics to metals and minerals, and extending to food and pharma, as well as marine services—exemplifies its multifaceted value offering.

About SOHAR Port and Freezone

As one of the fastest-growing ports in the world, SOHAR Port and Freezone continues to leverage on its strategic location and enhance its services, positioning itself as a key logistics hub within the region and across the world boasting container, liquids, and bulk terminals. A powerful combination of the expertise of the Port of Rotterdam and ASYAD Group, it is earmarked as one of the Sultanate's mega-projects, home to logistics, petrochemicals, and metal clusters, as well as the region's first dedicated agri terminal. Today, after 20 years of operation, it serves as the main gateway for import and export in Oman, directly contributing 2.1% of the country's GDP and almost 36,000 direct and indirect employment opportunities. With a focus on sustainable development and cutting-edge technology, it is leading the development and modernization of the Sultanate's logistics infrastructure and supporting the economic diversification objectives of Oman's 2040 Vision.

For more information about SOHAR Port and Freezone, please visit soharportandfreezone.om

United Solar Holding Inc. announces the laying of the foundation stone for its polysilicon factory in SOHAR Port and Freezone