Abu Dhabi’s Ghantoot Group is to invest US$500 million in the power, water and hospitality sectors in Oman.
This year, the group will establish two power plants and three hotels, and invest in water desalination, transmission and distribution plants, as well as oil and gas projects.
The new ventures will create 2000 jobs for Omani nationals.
“Over the past few years, the Sultanate of Oman has taken huge strides in driving its economy forward and generating jobs for its nationals. We are keen to partner with the Oman government and play a constructive role in the country’s development,” commented group MD, Rashid Al Balooshi.
The first power plant, of 140MW capacity, will be set up in Ras Al Khaimah in the UAE to supply electricity exclusively to Musandam and surrounding areas, while another plant, of 120MW capacity, will be set up in central Oman.
Ghantoot will also build a 320-room resort hotel in Musandam, and another two hotels comprising a total of 600 rooms.
“Our investment in Oman reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth regions in the Middle East,” Al Balooshi added.