Oman to expand Shinas Port
QS Maritime, the operator of Oman's Shinas Port, has announced that it plans to launch work on the expansion and modernisation of the Port before the end of this year.
The upgrade project at the Port in Northern Oman, costing nearly 77 million Omani rials ($200 million), is expected to be completed within five – seven years, it said in a statement carried by the official Oman News Agency on Sunday.
Abdulbaqi bin Ahmed al Kindi, CEO of QS Maritime, said the construction work will be undertaken by a company specialising in port and maritime development.
The first phase of the project will include expanding the port's current basin to the south, in addition to constructing a new breakwater on the north side to enable the port to receive larger vessels and enhance its operational efficiency.
He added that the upgrade will boost the port's total area to 1.8 million square metres, which will include dedicated sites for fuel tanks, factories, and various warehouses targeting re-export and the local market.
A new sea route between Shinas Port and Iran's Bandar Abbas Port will begin operating during the last quarter of this year, he said, adding that the passenger line will operate two trips per week using ferries with a capacity of 200 passengers and their vehicles.
The report noted that Shinas Port witnessed significant growth in commercial activity during the first quarter of 2025, with the number of ships surging to 306, compared to 119 during the same period in 2024.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
US tariffs, lower oil prices may slow down FDI flows into GCC: Report
Foreign direct investment (FDI) inflows into the GCC region are expected to slow down in 2025 after a decade of rapid growth, S&P Global Market Intelligence said in its latest outlook report. The slowdown is attributed to investor uncertainties, reflecting changing US trade policies, lower oil prices, and a more gradual development of GCC diversification projects. In the near term, the report forecasts a net negative impact on global FDI, primarily due to the indirect repercussions of US tariffs, a weaker oil price outlook and reduced global investor confidence. Lower oil prices, reflecting expectations of weaker oil demand and increasing OPEC supply, are likely to constrain the foreign exchange earnings generation capacity of large MENA hydrocarbon exporters. This, in turn, will limit their capacity to act as major investors in other countries within the region. While the GCC states have committed to investing large amounts of FDI in the US economy, such outflows are likely to reduce capital available for investment in non-GCC MENA states, which remain 'attractive venues' for renewable energy and tourism developments, the report said. According to S&P Global Market Intelligence, FDI in the region has shifted from hydrocarbons to infrastructure, renewable energy, logistics, tourism, and construction. This is likely to continue, complemented by areas such as auto sector investments in Morocco, but aggregate flows are likely to remain dominated by GCC states. However, a weaker US dollar could support the external competitiveness of GCC countries with currencies pegged to the dollar, the report said.
The National
5 hours ago
- The National
Pictures of the week: From camel herders in Abu Dhabi to a Zegna runway show
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest. Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent). Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
The National
5 hours ago
- The National
UAE Property: ‘Is a ready unit better for investment or off-plan?'
Question: I'm considering buying a second property in Dubai. Is it better to go for a ready unit or an off-plan property as an investment? There are so many options, I could do with some advice. CP, Dubai Answer: Both ready and off-plan properties can be excellent investments. The right choice depends on your risk tolerance, timeframe and cash flow requirements. If your priority is immediate rental income, then a ready property is the better option. You can start earning from day one and the transaction process is straightforward. You also have full visibility of the condition, layout and location of the unit. This is often preferred by first-time or cautious investors. On the other hand, off-plan properties tend to offer better entry prices and more flexible payment plans. Developers frequently launch units at favourable market values to attract early investors. If you're looking for capital appreciation and are comfortable waiting three to four years for the handover, this route can be quite lucrative. However, keep in mind the risks of project delays and market fluctuations. Regardless of which path you take, you should always research the developer's track record. Even if the builder is not a UAE-based developer, check out what they have handed over in their home country. Ensure the development is approved by the Real Estate Regulatory Agency, registered in Oqood and has an escrow account opened in the project's name. Lastly, evaluate the neighbourhood's long-term potential, not just current returns. It is more beneficial to enter a project that is in a neighbourhood with great potential rather than an area that is already established. Look for things that will add value in the long term, such as transport links, Metro, road extensions and amenities. Diversification across different asset types, some ready, some off-plan, can also be a great strategy, especially as Dubai's property market continues to mature. Q: I've been collecting references to support my position that a new landlord cannot use the old landlord's eviction notice (which was given for the reason of selling) to rent the property to another tenant at a higher rate. Can you point me in the direction of some cases that were won in favour of this position, or to any legal advisers who have experience with similar cases? NG, Dubai A: Unfortunately, I do not have access to such documented cases. However, I would like to offer my opinion. Previously, a new landlord could not use an old landlord's eviction notice. But recently judges at the Rental Dispute Settlement Committee have changed their stance on this and now allow the eviction notice to be transferable. However, a landlord is not allowed to evict a tenant to re-let the property to somebody else. The new landlord should offer the outgoing tenant the right to move back in, and only if the tenant refuses to do so can the former go on to let the property to someone else. It's important to note that the tenant should confirm in a notarised document that they do not wish to move back in. Once this document is available, the landlord is free to let it to someone else at the market rate.
