Bahrain's Investcorp Takes On $550m Project In Omani Port
The Bahrain investment firm Investorp will pump in $550 million into an infrastructure project at Oman's Port of Duqm. The funding will be done through Investcorp's dedicated infrastructure platform.
Investcorp Aberdeen Infrastructure Partners – the Gulf company's joint venture with Aberdeen plc – will be the shareholder in the Oman project along with the Port of Duqm Company, the DEME Group and Port of Antwerp Bruges.
'This investment is closely aligned with AIIP's mandate to invest in long-term concessions across the GCC countries and the broader MENA region,' said a statement.
The Port of Duqm investment is Investcorp Aberdeen Infrastructure Partners' fourth such commitment, following its participation in ADNOC's Project Wave in the UAE and two infrastructure concessions for social and public assets in Saudi Arabia.
'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,' said Mohammed Alardhi, Executive Chairman at Investcorp.
The Port of Duqm – in Oman's south-east and with direct access to the Indian Ocean – is a 'crucial gateway and transit point' for global trade and commerce.
The Port operates as a multi-purpose hub, handling container shipments, dry and liquid bulks, general and bagged cargo.
'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,' said Sami Neffati, Managing Partner of Investcorp Aberdeen Infrastructure Partners.
'We are very excited about the region's infrastructure prospects.' (The Port of Duqm Company, the DEME Group and Port of Antwerp Bruges together form the 'Cap Infra' consortium.)
What the new investments will create:
As part of the Port of Duqm's marine infrastructure works, there will be dredging and construction of a new quay wall. This 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, later on, hydrogen-powered steel (or 'green steel').
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