Investcorp-led consortium to invest $550mn in Port of Duqm expansion
Investcorp Aberdeen Infrastructure Partners (AIIP) – a joint venture between Investcorp and Aberdeen plc – will be a shareholder in the expansion project, alongside the Port of Duqm Company, the DEME Group and Port of Antwerp Bruges (which have jointly formed a consortium named CAP INFRA), according to a press statement issued by Investcorp.
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 with 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 Saudi Arabia.
As part of the Duqm Port's marine infrastructure works, dredging and construction of a new quay wall are planned, which will serve 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 eventual establishment of a green steel plant align with Oman's Vision 2040 and the nation's commitment to sustainable infrastructure development.
Investcorp noted that the opportunity to invest in the project followed a competitive process, with AIIP securing the mandate ahead of four other parties.
The company acknowledged that the Port of Duqm serves as a crucial gateway and transit point for global trade and commerce, reinforcing its role as a strategically important infrastructure asset in Oman. Benefitting from a prime central location on the Omani coastline, the port functions as a multipurpose hub, handling container shipments, dry and liquid bulk, and general and bagged cargo.
Mohammed Alardhi, Executive Chairman at Investcorp, said, '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, said, '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 of Port of Duqm Company, said, '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.'
Investcorp manages approximately $55bn in assets, including assets managed by third-party managers. The firm has 14 offices in the US, Europe, the GCC and Asia, including India, China, Japan and Singapore.
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