A Memorandum of Understanding (MoU) was recently signed by the Duqm Development Company SAOC (Tatweer) with India’s Adani Ports and Special Economic Zone Limited in New Delhi.
The agreement is aimed at exploring better investment opportunities in the Special Economic Zone at Duqm. The pact also stipulates on setting an official and framework for investment and cooperation between both parties and developing works in many key sectors in Duqm.
Soon, Adani Ports will submit a detailed list covering the projects it intends to set up in Duqm and will also determine the points of contracts and liaison between both parties to discuss all relevant investment topics.
Adani Ports and Special Economic Zone Limited is the largest ports company in India and is currently handling the Mundra Port located on the coast of Gujarat, India with 24 wharfs. The Adani group is engaged in many infrastructure and industry sectors, with investments valued at approximately $12 billion.
This agreement was executed after the conclusion of Tatweer’s ‘Invest in Duqm’ campaign in Mumbai and New Delhi. The campaign witnessed vigorous participation from many of the companies operating in the area between September 25 and 30.
The MoU was signed by Ismail bin Ahmed Al Balushi, deputy chief executive officer of the Special Economic Zone Authority in Duqm and by Adani Port’s chief executive officer Karan Adani.
The signing ceremony was attended by Sheikh Hamad bin Saif Al Rawahi; the Sultanate’s ambassador to India and other officials from Oman and India.
Tatweer is a state-owned company, fully owned by the Special Economic Zone Authority in Duqm (Sezad) and is its executive arm in the field of implementing basic infrastructure projects and attracting investments into the zone.
Al Rawahi said Indian businessmen should capitalise on the opportunities on offer in Duqm.