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Abu Dhabi-based Ghantoot Group has announced that it will invest $500m in various hospitality, water and power projects in Oman.
The group plans to establish two power plants, three hotels and investment in other facilities in water desalination, transmission and distribution and oil and gas projects.
The first power plant, of 140MW capacity, will be set up in Ras Al Khaimah in the UAE to supply electricity exclusively to Musandam, in Oman, and adjoining areas, while another power plant, of 120MW capacity, will be set up in central Oman at a site to be finalised soon. When completed, the two plants will provide power to Omani consumers at a lower cost to the government.
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The group, which has diversified business interests across the Middle East, also plans to build a 320-room resort hotel in Musandam, and two other hotels with a total of 600 rooms.
Ghantoot Group’s managing director, Rashid Al Balooshi, said that the group is in discussion with government bodies in Oman to finalise the proposal.
“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,” he added.
“Our investment in Oman reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth regions in the Middle East,” Al Balooshi said, adding that the hotel in Musandam and the power plant are expected to create 300 jobs for Omanis.
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