Ali Shah, Chairman of Oman Wanfang, the master developer of China-Oman Industrial Park in Duqm, said there was “good progress” vis-à-vis the work on the park. The foundation stone for the park was laid in April this year for 10 projects worth $3.2 billion. In an interview to Duqm Economist, Ali Shah has said the projects to be implemented are “carefully-selected projects to be diversified in the economic gains” that will be achieved for Omani economy in general and the Economic Zone in Duqm in particular.
These projects are in line with the Special Economic Zone Authority at Duqm’s (SEZAD) plan to attract investments to the zone and revitalise economic activity.
Ali Shah said the projects for which the partnership agreements were signed with the Chinese companies represent the first stage of the projects at the park.
The remaining 25 projects are in final stages of study or in design stage.
According to him, all projects would be ready in 10 years. “Most of the projects will be completed before this date.”
The first stage of the China-Oman Industrial Park in Duqm comprises 10 projects: Building materials market, Methanol production project for olefin project, electricity production plant, desalination and bromine plant, solar panels and equipment factory, oil and gas fields, a plant for the production of non-metallic composite pipes used in oilfields, a factory for producing steel pipes, wire and steel reinforced PE type and spare parts, a factory to produce high-mobility SUV, in addition to a five-star hotel in the tourist area in Duqm.
On the construction materials market that Oman Wanfang will build, Ali Shah (pictured) said the project will cost $138 million.
Due to its economic importance, its implementation will be speeded up so that it’s ready before the end of 2018.
He said the cost of establishing the park is $10.7 billion, and it will be financed through Chinese companies and bank loans.
He said negotiations are on with the local Chinese and regional banks for financing the projects. “Indicators are good and doors are open for various Omani banks to finance whatever project they would like to finance.”
“The company’s cooperation with the Omani banking sector is not limited to financing only, but includes various fields that benefit both sides,” he added. — ONA
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