Investcorp said that its infrastructure platform has signed a cooperation agreement to invest in a $550 million infrastructure project in Port of Duqm in Oman.
Investcorp Aberdeen Infrastructure Partners (“AIIP”) – a joint venture with Aberdeen plc, will be the shareholder in the Project, alongside the Port of Duqm Company, DEME Group and Port of Antwerp Bruges (jointly formed a consortium named “CAP INFRA”).
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.
The plant aims to produce low CO2 iron metallics products and, ultimately, hydrogen powered steel, or ‘green steel’.
The port expansion and ultimate creation of a green steel plant aligns with Oman’s Vision 2040 and the country’s commitment to sustainable infrastructure development.
The Port of Duqm, situated in the south-east of Oman with direct access to the Indian Ocean, is a crucial gateway and transit point for global trade and commerce.
Also, the Port serves as a multipurpose hub, handling container shipments, dry and liquid bulks, general and bagged cargo.