Sohar is currently experiencing significant investment and economic shifts making it the focus of attention of many local and international investors and businessmen. This change is due to a series of investment projects and economic giant in Sohar industrial area where Port of Sohar is located. Established in 2002, the port has a strategic importance due to its nearness to the Strait of Hormuz. It is operated by Sohar Industrial Port Company (SIPC)and it is considered a world class port. With current investments exceeding $12 billion, it is one of the world’s largest port development projects.
The Omani government has paid special attention to the city of Sohar, and placed it in the priorities of the future plan of the Omani economy in 2020. The goal of the Omani government is to make Sohar a business and industrial hub and help the Omani economy diversify away from oil. In order for the Omani economy to achieve this economic diversification, the Omani government is investing in a number of projects in the industrial area of Sohar. For example, it is investing more than 5 billion dollars in the steel industry in which Oman aims to be one of the Gulf Cooperation Council's leading producers. In addition to the steel industry, there is also the industry of aluminium in Sohar industrial area. Sohar Aluminium Company was established in 2004 and it is considered one of the leading projects that play a major role in the sultanate’s economic diversification strategy
