Economy
Minerals Development Oman Acquires 14.8% Stake In Synergies Casting Oman; Will Begin Making Alloy Wheels For Cars
Minerals Development Oman (MDO) has reportedly established a strategic partnership with Synergies Casting Oman (SCO) to acquire 14.8 per cent of the Company’s shares.
This partnership envisions operations of an alloy wheel manufacturing plant in Suhar Industrial Estate, which is expected to start commercial operation in Q1 2022.
The RO42mn project is expected to produce 1.2mn tons of Alloy wheels, being the first plant in Oman that makes high-end aluminum alloy wheels for automobiles.
The project’s shareholders also include Oman Development Fund, Synergies Casting India, Sultan Special Force Pension Fund, Al Jeel Al Saeid for Business, and Sohar International Bank.
As per the terms of the shareholding agreement, MDO hired 100 Omanis in a number of technical and administrative jobs within SCO, increasing the Omanisation rate up to 58 per cent.
SOC is targeting even higher Omanisation rates that are planned to be achieved in the future.
MDO’s CEO, Eng. Nasser Saif Al Maqbali said: “This is an important milestone that MDO is closing the year 2021 with recruiting Omani talent. Boosting the Omanisation rates in SCO is an achievement that we are proud of. This project is an essential element within MDO vision to promote the Omani mining sector.”
In another interview, Eng. Ahmed Al Mazrouei, Executive Director of SCO, said: “We are pleased to welcome MDO as a partner in this leading project as it represents a valuable addition to our expansion plans.”
Globally, alloy wheels’ demand is estimated to increase from 219mn wheels in 2015 to 296mn wheels in 2023, and then to 326mn wheels in 2028.
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, October 24
-
OER Magazines2 months ago
Signature, October 24
-
Magazines1 month ago
OER, October 24
-
Oman3 weeks ago
Shell Oman Partners with Oneroad Automotive Gives Away 2 Forthing Cars as Part of its ‘Win Big’ Campaign
-
Energy6 days ago
OUTLOOK: Emerging Markets and Renewables – The Twin Engines of Energy Growth for 2025
-
News2 weeks ago
Mitsubishi X-force Joins Sayarti’s Fleet: A New Era of Elegance and Performance
-
Local Events1 month ago
HH Sayyid Theyazin Opens 16th Meeting of International Forum of Sovereign Wealth Funds
-
Auto1 month ago
Moosa Abdul Rahman Hassan & Co. Celebrates Launch of 2025 Suzuki Swift and Opening of New Suzuki Showroom in Azaiba