US$ 550mn to be invested through an investment consortium
Bahrain’s Investcorp recently announced that its infrastructure platform has signed a cooperation agreement to invest in a US$ 550mn infrastructure project in Port of Duqm in Oman.
Investcorp Aberdeen Infrastructure Partners (AIIP), a joint venture with Aberdeen plc, will be the shareholder in the Project, alongside the Port of Duqm Company, the DEME Group and Port of Antwerp Bruges (jointly formed a consortium named CAP INFRA).
The Port of Duqm, situated in the south-east of Oman with direct access to the Indian Ocean, serves as a crucial gateway and transit point for global trade and commerce, cementing its role as a strategically important infrastructure assets in Oman. Benefiting from a prime central location on the Omani coastline, the Port serves as a multipurpose hub, handling container shipments, dry and liquid bulks, general and bagged cargo.
As part of the marine infrastructure works, dredging and construction of a new quay wall are envisaged which will service a new low-carbon industrial plant within the Special Economic Zone at Duqm.
Green steel
The plant aims to produce low CO2 iron metallics products and, ultimately, hydrogen powered steel, or ‘green steel’. The port expansion and ultimate creation of a green steel plant aligns with Oman’s Vision 2040 and the country’s commitment to sustainable infrastructure development.
“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,” affirmed Mohammed Alardhi, Executive Chairman, Investcorp.
“Securing this transaction demonstrates our ability to offer investors access to unique opportunities. We are very excited about the region’s infrastructure prospects,” stated Sami Neffati, Managing Partner, AIIP.
“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,” commented Reggy Vermeulen, Chief Executive Officer, Port of Duqm Company.
