Saudis shore up SR 1.5 bn steel plant venture in Oman

A big steel plant with a capital of SR 1.5 billion ($400 million) will be established in Dhofar, Oman, by a joint company to be set up by Saudi, Omani and UAE investors. The joint venture named Dhofar Steel was one of the important results of the First Gulf Partnership and Investment Forum held in Dhofar recently. “During the forum, Gulf businessmen and businesswomen also agreed to establish another company to invest in GCC tourism projects,” the SPA said. The forum, organized by the Omani Chamber of Commerce and Industry, urged Omani authorities to facilitate foreign investment and provide more incentives to investors. It also called for making use of Dhofar’s potentials, improving its infrastructure and facilitating establishment of more joint ventures with the support of GCC investors. The event was aimed at opening new horizons for partnership and investment; attracting investments to support economy; and presenting the investment opportunities in the industrial, tourist, real estate and agricultural sectors. From : Arabnews