Chinese investor to build industrial park at Oman’s Duqm port

A group of Chinese investors have signed an agreement to build an industrial park at Oman’s southern port of Duqm in a project that could attract billions of dollars of investment, government and company officials said on Monday. The Omani government is working to develop the area of barren coast 550 km south of the capital Muscat, into a major business zone as part of efforts to diversify the economy beyond oil. The industrial park deal, signed during a visit to Oman by Wang Yong, a member of China’s state council or cabinet, could provide a big boost to that project and reduce pressure on Omani State Finances, which have been hurt by low oil prices. “The Chinese companies will be responsible for building the infrastructure, and then will be allowed to lease the land to Chinese investors. Almost all the projects will be financed by Chinese banks,” said Yahya-al-Jabri, Chairman of the Omani state authority. Planned investments require an oil refinery, a cement plant, a factory making pipes for the industry, an automobile assembly plant and a 1 gigawatt solar power generation facility, officials said without naming the companies that would build the project.