Latest news with #MusandamGlobalInvestmentCompanySAOC
Observer
3 days ago
- Business
- Observer
Shipbuilding hub to boost Musandam's economy
In a major boost for Oman's marine and fisheries industries, Musandam Global Investment Company SAOC (MGIC) and its Turkish partners have signed binding commercial terms and a shareholders' agreement to establish Musandam Drydock and Marine Industries LLC, a shipbuilding and repair facility in Musandam Governorate. The deal was formalised in the presence of Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim bin Said al Busaidy, Governor of Musandam. The project, backed by an initial investment of $15 million, will support the construction and maintenance of aquaculture cages, fishing vessels, tugboats, and service and transport vessels up to 35 metres in length. It is set to serve both domestic and regional markets, aligning with Oman's strategy to enhance food security and marine industrial capacity under Oman Vision 2040. In an exclusive interview with the Observer, Raed al Shehhi, Chairman of MGIC, emphasised the project's strategic importance, "The launch of Musandam Drydock and Marine Industries LLC is aligned with our long-term strategy to build an integrated and diversified economy in Musandam. This project directly supports Oman Vision 2040 by fostering sustainable industrial growth, enhancing food security through support to fisheries, and creating meaningful employment.' According to Al Shehhi, the first phase of the project will include the development of slipways, fabrication workshops, and maintenance yards tailored for small to medium-sized vessels. The company will also build infrastructure for manufacturing and servicing aquaculture cages and coastal fishing boats. 'Phase one focuses on establishing the core shipbuilding and repair infrastructure. Future phases will likely include expansion to handle larger vessel classes, integration of smart technologies, and development of ancillary industries,' he explained. The decision to invest in this sector was driven by strong market signals, both nationally and regionally. 'The Sultanate of Oman has seen a steady increase in demand for modern fishing vessels and aquaculture infrastructure, in line with its national food security strategy,' Al Shehhi noted. "Regionally, the GCC marine sector is expanding, particularly in sustainable fisheries and coastal transport. However, there's a shortage of specialised facilities for these services — and we're stepping in to fill that gap.' Equally important to the project is its social and economic impact on the local community. MGIC has committed to an aggressive Omanisation and skills development programme, focusing on Musandam's youth. 'We are creating 50 direct jobs for the local community in the initial phase alone,' Al Shehhi said. 'We are also developing specialised courses in welding, marine mechanics, vessel design, and industrial safety, along with apprenticeship pathways. The aim is not just employment, but cultivating a generation of skilled professionals who can drive long-term growth in the marine sector.' The company's Turkish partners bring substantial technical know-how to the initiative. Their expertise in shipbuilding and modular construction will play a vital role in setting up world-class facilities and transferring knowledge to Omani technicians and engineers. 'Our partners bring experience in marine engineering and will support us in applying international best practices across the board — from project management and quality assurance to environmental compliance,' Al Shehhi affirmed. Beyond industrial development, the drydock project is expected to position Musandam as a strategic hub for marine services, leveraging its unique geography and proximity to key shipping lanes. The move represents another milestone in Oman's broader strategy to unlock regional development and local value creation in its northernmost governorate. The incorporation of Musandam Drydock and Marine Industries LLC signals more than just economic activity — it marks a commitment to sustainable, integrated growth built on innovation, partnership and local empowerment.
Zawya
18-03-2025
- Business
- Zawya
Oman: Infrastructure deals signed for Palm Hills in Khasab
MUSCAT: Agreements have been signed to implement key infrastructure services for Palm Hills, a major real estate development in Khasab that is poised to redefine modern living in the region. As part of the Integrated Residential Neighbourhoods Initiative by the Ministry of Housing and Urban Planning, the project aims to set new benchmarks for sustainable community development in Oman. Musandam Global Investment Company SAOC is spearheading this transformative project by finalising critical infrastructure agreements. With an investment estimated at RO 70 million, Palm Hills will span 635,000 square metres and offer a comprehensive mix of facilities. The development plans include 650 residential units integrated with commercial spaces, a hotel and essential public amenities such as a mosque, a public majlis, sports fields, a medical centre and a nursery — all surrounded by ample green areas. In addition to these, the project will host a branch of the University of Technology and Applied Sciences in Musandam, reinforcing the region's commitment to enhancing educational opportunities alongside urban growth. Musandam Global Investment Co is spearheading this transformative project by finalising critical infrastructure agreements. The infrastructure framework for Palm Hills is designed to ensure that the community is well-equipped with modern utilities. Agreements have been inked for the construction of water and sewage networks in collaboration with Nama Water Services Company, while partnerships with Nama Electricity Distribution Company will see the establishment of robust electricity distribution systems. Furthermore, a fibre optic network is set to be installed through cooperation with Oman Broadband Company, ensuring that the development is connected with state-of-the-art digital infrastructure. This integrated approach not only secures reliable utility services but also bolsters the overall sustainability of the project. A distinctive feature of Palm Hills is its appeal to both local and international investors. Twenty-five per cent of the residential units are earmarked for sale to Gulf nationals and foreign buyers, a strategic move expected to enhance the investment allure and drive real estate growth in Musandam. First introduced to the market during the 3rd Oman Real Estate Expo (OREX) and Oman Design & Build Week last year, the project embodies the broader vision of the Integrated Residential Neighbourhoods Initiative to deliver affordable, high-quality housing solutions that cater to diverse needs. As construction moves forward, Palm Hills is set to generate significant economic momentum in Khasab by creating job opportunities across construction, real estate, hospitality and retail sectors.
Observer
17-03-2025
- Business
- Observer
Infrastructure deals signed for Palm Hills in Khasab
MUSCAT: Agreements have been signed to implement key infrastructure services for Palm Hills, a major real estate development in Khasab that is poised to redefine modern living in the region. As part of the Integrated Residential Neighbourhoods Initiative by the Ministry of Housing and Urban Planning, the project aims to set new benchmarks for sustainable community development in Oman. Musandam Global Investment Company SAOC is spearheading this transformative project by finalising critical infrastructure agreements. With an investment estimated at RO 70 million, Palm Hills will span 635,000 square metres and offer a comprehensive mix of facilities. The development plans include 650 residential units integrated with commercial spaces, a hotel and essential public amenities such as a mosque, a public majlis, sports fields, a medical centre and a nursery — all surrounded by ample green areas. In addition to these, the project will host a branch of the University of Technology and Applied Sciences in Musandam, reinforcing the region's commitment to enhancing educational opportunities alongside urban growth. Musandam Global Investment Co is spearheading this transformative project by finalising critical infrastructure agreements. The infrastructure framework for Palm Hills is designed to ensure that the community is well-equipped with modern utilities. Agreements have been inked for the construction of water and sewage networks in collaboration with Nama Water Services Company, while partnerships with Nama Electricity Distribution Company will see the establishment of robust electricity distribution systems. Furthermore, a fibre optic network is set to be installed through cooperation with Oman Broadband Company, ensuring that the development is connected with state-of-the-art digital infrastructure. This integrated approach not only secures reliable utility services but also bolsters the overall sustainability of the project. A distinctive feature of Palm Hills is its appeal to both local and international investors. Twenty-five per cent of the residential units are earmarked for sale to Gulf nationals and foreign buyers, a strategic move expected to enhance the investment allure and drive real estate growth in Musandam. First introduced to the market during the 3rd Oman Real Estate Expo (OREX) and Oman Design & Build Week last year, the project embodies the broader vision of the Integrated Residential Neighbourhoods Initiative to deliver affordable, high-quality housing solutions that cater to diverse needs. As construction moves forward, Palm Hills is set to generate significant economic momentum in Khasab by creating job opportunities across construction, real estate, hospitality and retail sectors.
