Qatar transport signs record 'bus'-ting Oman dealby CW Staff on Jul 23, 2012
Oman Investment Fund (OIF), the sovereign wealth fund of the sultanate, has signed a memorandum of understanding (MoU) with Qatar’s national transport company Mowasalat to set up a bus manufacturing and assembly unit in Oman.
The scope of the MoU covers setting up a facility in Oman for the manufacture and assembly of buses and other vehicles over a site area of almost 100 hectares, reported the Qatar Tribune.
“Pursuing Mowasalat’s vision of being a regional leader, the company aims to expand its operations through new investment opportunities and partnerships that would help achieve the organisation’s mid-term and long-term objectives,” said a Mowasalat statement.
“This project will immensely benefit and meet with the emerging demand growth in the GCC and MENA region besides providing vast job opportunities in the region.
The proposed venture in Oman will be one of the largest of its kind in the whole of the Middle East.
- Sohar Industrial's $51m Phase 7 works 30% complete
- Kalmar to supply tractors to Khalifa Port Terminal
- Levitating pods to revolutionise UAE transport
- Two-for-one offer on CW digital subscriptions
- Dubai Industrial Strategy to add $45bn to economy
- KBW brings Ascorel technologies to the region
- Kuwait's Al Hamra Tower team honours AESG
- CWOnline.com passes one-million page views in May
- UAE: Majid Al Futtaim to invest $13bn by 2026
- Terex boss welcomes end to Zoomlion takeover talks