National Finance, a finance company in Oman, is providing funds to Sheida Industries. Sheida Industries is the first company in Oman to manufacture solar panels. The funding helps the company buy raw materials needed for production.
Sheida Industries is based in the Sohar Industrial Area. It operates in a facility that covers 11,250 square meters. The company aims to reduce Oman’s reliance on fossil fuels by producing solar panels. This is part of the country’s broader plan to adopt renewable energy.
Oman’s government has set a target to generate 30% of its electricity from renewable sources by 2030. These initiatives are expected to increase the demand for solar panels. Large solar projects like the Manah I and II Solar Independent Power Plants (500 MW each) and the Ibri III Solar Plant (500 MW) are part of this plan. These projects will increase the demand for solar panels.
National Finance’s funding is expected to help Sheida Industries meet this demand. The company’s work supports Oman’s Vision 2040 and the country’s Net Zero 2050 goals. The Net Zero plan focuses on reducing carbon emissions and promoting clean energy.
Mr. Tariq Sulaiman Al Farsi, CEO of National Finance, said, “the company is focused on supporting sustainability efforts.” He further added that, “their partnership with Sheida Industries aims to support Oman’s transition to renewable energy.”
Sheida Industries is 100% Omani-owned. The company’s solar panel production is seen as a step toward advancing renewable energy in the country. With National Finance’s financial backing, Sheida Industries aims to continue its efforts in this area. Oman’s push for renewable energy reflects its long-term environmental and economic goals. Supporting local companies like Sheida Industries is part of this transition.
