Oman’s Public Authority for Special Economic Zones and Free Zones and Jindal Shadeed Group signed an MOU for a $3 billion investment in Duqm to build the largest green steel production plant.
According to Oman’s News Agency, the factory will be established in the Special Economic Zone at Duqm and will provide steel for the automotive sector as well as durable consumer goods.
The agency added that the Jindal Shadeed Group signed an agreement with the Duqm Port Company to reserve two square kilometers of land for the green steel production plant, as well as an MoU with the Central Services Company ‘Marafiq’ to provide a number of project requirements.
Lately, UAE’s ADQ Holding met with the Omani Investment Authority (OIA), Oman’s sovereign fund, to discuss promising investment opportunities in a variety of sectors that contribute to increased economic and trade cooperation between the two countries.