ICIEC Issues USD40 Million Insurance Policy to Support Dredging and Development of SOHAR Port and Freezone in Oman

ICIEC signed a Specific Transaction Policy (STP) for Royal Boskalis (Boskalis), valued at USD40 million. The agreement underpins a project critical to expanding Oman’s logistics capacity. By deepening navigation channels and enhancing jetty infrastructure, these strategic developments will significantly increase SOHAR Port’s throughput capacity, attract high value industrial investments, and solidify the Sultanate’s role as a leading regional maritime hub—all in alignment with Oman Logistics Strategy 2040. Moreover, this will pave the way for a major energy milestone: the launch of the Middle East’s first LNG bunkering project, MARSA LNG, a joint venture between Total Energies and OQEP, positioning Oman at the forefront of clean maritime fuel.

Dr. Khalid Khalafalla, CEO of ICIEC, remarked: “By supporting Boskalis’ participation in the SOHAR Port and Freezone South Expansion Project, we are helping to secure the delivery of a project that will fortify Oman’s gateway to world trade, generate skilled employment, and promote sustainable, diversified growth. ICIEC’s mission is to back the infrastructure that opens new trade corridors, deepens connectivity and broadens economic opportunity across our member states.