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.
- CWQ Awards 2014 to bring together 'big players'
- Deyaar: Record increase in net profits for Q2 2014
- QD-CPC announces new business division
- GCC govts to lead $898bn construction boom by 2020
- New office space causes Riyadh rents to fall
- Saudi firms win new Jizan deals worth over $18m
- EFS wins MENA FM contract with General Electric
- Norwegian innovators bags Kuwait waste sorting win
- Emaar's Downtown cultural quarter moves on site
- Empower expands Business Bay unit