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Chinese photovoltaic cell manufacturer Hainan Drinda New Energy Technology has cancelled its planned 5 GW solar cell manufacturing facility in Oman’s Sohar Free Zone. The project involved an estimated investment of $280 million. Announced on 12 November 2026, the decision followed changing tariff policies, Middle East geopolitical risks, slower local supply chain development and uncertainty over Chinese technology export restrictions. Construction had not substantially commenced. The company proposed reallocating HKD 962.77 million from its global offering proceeds, including HKD 577.66 million for PV cell research and production upgrades, HKD 288.83 million for raw materials and HKD 96.28 million for working capital, subject to shareholder approval.
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