Investcorp To Invest $550M In Oman’S Port Of Duqm Expansion

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Investment firm Investcorp inked a deal through its infrastructure platform AIIP to invest in a $550m infrastructure project in Port of Duqm in Oman.

The joint venture with Aberdeen plc, Investcorp Aberdeen Infrastructure Partners (AIIP), 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), Investcorp said in a statement.

Duqm port, located in the south-east of Oman with direct access to the Indian Ocean, serves as a multipurpose hub, handling container shipments, dry and liquid bulks, general and bagged cargo.

It also serves as a crucial gateway and transit point for global trade and commerce.

The new infrastructure at the Port of Duqm marks AIIP’s fourth investment commitment, following ADNOC’s Project Wave in the UAE and two infrastructure concessions for social and public assets in the KSA.

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, Investcorp said in its release.

The plant aims to produce low CO2 iron metallics products and, ultimately, hydrogen powered steel, or ‘green steel’.

“The Port of Duqm is one of the most strategically important seaports in the world. 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,” Mohammed Alardhi, executive chairman at Investcorp was quoted as saying in the statement.