Investcorp to Invest in Port of Duqm expansion
This investment is closely aligned with AIIP's mandate to invest in long-term concessions across the GCC countries and the broader MENA region, and its strategy to develop long-term partnerships with key industry players, such as the Port of Duqm Company and CAP INFRA. The new infrastructure at the Port of Duqm marks AIIP's fourth investment commitment, following ADNOC's Project Wave in the UAE and two infrastructure concessions for social and public assets in the KSA.
The Port of Duqm, situated in the south-east of Oman with direct access to the Indian Ocean, serves as a crucial gateway and transit point for global trade and commerce, cementing its role as a strategically important infrastructure assets in Oman. Benefiting from a prime central location on the Omani coastline, the Port serves as a multipurpose hub, handling container shipments, dry and liquid bulks, general and bagged cargo.
As part of the marine infrastructure works, dredging and construction of a new quay wall are envisaged which will service a new low-carbon industrial plant within the Special Economic Zone at Duqm. The plant aims to produce low CO2 iron metallics products and, ultimately, hydrogen powered steel, or 'green steel'. The port expansion and ultimate creation of a green steel plant aligns with Oman's Vision 2040 and the country's commitment to sustainable infrastructure development.
The opportunity to invest in the project was a competitive process, with AIIP securing the mandate over four other parties.
Mohammed Alardhi, Executive Chairman at Investcorp, commented: 'The Port of Duqm is one of the most strategically important seaports in the world. We are pleased to be investing not only in one of Oman's largest infrastructure projects, but in Oman's Vision 2040, contributing to the goal of achieving carbon neutrality by 2050.'
Sami Neffati, Managing Partner of AIIP, commented: 'We are delighted to partner with the Port of Duqm Company and CAP INFRA to expand this important shipping hub and further secure trading routes to and from the region. Securing this transaction demonstrates our ability to offer investors access to unique opportunities. We are very excited about the region's infrastructure prospects.'
Reggy Vermeulen, Chief Executive Officer at Port of Duqm Company, commented: 'We are proud to partner with a strategic foreign direct investment from AIIP, a renowned global investment group, to support the development of the port's infrastructure. This investment is a strong vote of confidence in the Port of Duqm's vision and future. It reflects the trust of international partners in our growth story and in Oman's broader economic ambitions under Vision 2040.
Through this opportunity, we will not only increase capacity but also advance sustainable industry by supporting future-facing projects like green steel production.'
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