Latest news with #industrialdiversification
Zawya
19 hours ago
- Business
- Zawya
MPHC restructures partnership for salt production facility in Qatar
DOHA: Mesaieed Petrochemical Holding Company (MPHC) is pleased to announce a significant update following our previous announcement on 23rd September 2024. The parties has reached a mutual agreement for the exit of the Turkish partner 'Atlas' from the Memorandum of Understanding ('MoU') concerning the development and operation of a state-of-the-art salt production facility. The innovative salt production facility will now be established through a new joint venture ownership structure: Mesaieed Petrochemical Holding Company (MPHC): 60% equity stake, Qatar Industrial Manufacturing Co (QIMC): 40% equity stake This restructuring marks a pivotal step in advancing the project, ensuring streamlined operations and enhanced collaboration between the remaining partners. The facility aims to leverage cutting-edge technology to meet growing demand and contribute to Qatar's industrial diversification efforts. QAPCO remains the project development manager, providing all project-related support. Further details regarding the project will be disclosed in due course, upon reaching the (FID) stage. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Times of Oman
3 days ago
- Business
- Times of Oman
Agreement signed to establish mattress manufacturing facility in Sohar Freezone
Muscat: Sohar Port and Freezone has signed a land lease agreement with Sweet Night Fine Home (FZC) LLC to establish a mattress manufacturing facility in Sohar Freezone. This investment reinforces Sohar's role in driving industrial diversification and sets the foundation for clustering opportunities within the home and comfort manufacturing sector. The project also advances integration into global supply chains, with the potential to localize sourcing and strengthen regional value chains in the long term. The factory will cover an area of 96,000 square meters, with a total investment of USD 70 million. It is designed to produce up to three million mattresses annually, with an initial export focus on the United States, followed by expansion into GCC markets, India, the European Union, and the local market in Oman. Raw materials will be sourced from China, Thailand, Japan, and Korea, enabling the company to manufacture high-quality sleep products for international markets from a single strategic base in Sohar. Johnson Lim, General Manager of Sweet Night Fine Home's upcoming factory in Sohar Freezone commented, 'Our decision to invest in Sohar Freezone was driven by its unmatched location, efficiency, and long-term potential as a regional manufacturing hub. This investment marks a crucial step in our regional expansion, and Sohar Freezone provides the ideal environment to support our manufacturing ambitions.' 'We're proud to welcome Sweet Night Fine Home (FZC) LLC to Sohar Freezone as part of our expanding base of international manufacturers,' said Mohammed Al Shizawi, Acting CEO of Sohar Freezone. 'At Sohar, we focus on attracting investments that drive economic growth and introduce new industrial capabilities. This project underscores the strength of our integrated logistics ecosystem and supports our efforts to build a diversified, resilient industrial base aligned with Oman Vision 2040.' The establishment of this manufacturing hub is expected to stimulate the local value chain by attracting complementary industries such as textiles, packaging, and logistics, thereby fostering the development of a specialised sleep-products ecosystem within the freezone. Sohar Freezone reaffirms its role as a catalyst for sustainable industrial development and a key player in global supply chain diversification.
