Dubai-based Awal to invest $1bn in Manus
Proposal put forward to develop Manus as international free trade zone
Dubai-based Awal Impex International (Holdings Ltd) is set to plough $1bn (K2.4bn) into telecommunications, oil and gas, construction and infrastructure development projects in Manus.
Company secretary Ashwini Bharadwaj told The National that Awal had recently proposed to the National Government to develop Manus as an international free trade zone.
AWAL Impex has significant presence in the Middle East, Africa, Asia and North America.
In November, the company’s executives met with several ministers, including Prime Minister Peter O’Neill, and revealed their business intention.
“Our (AWAL) investment analyst is working on some research and development and our investment can range between $1bn to $10bn based on the research findings on the investment needs.
“We will be able to allocate specific projects investment allocation once we get the investment requirement from our research and development team,” Bharadwaj said.
“We have plans to invest on telecommunication, investment in oil and gas sector, and investment in construction and infrastructure development, food and hospitality, healthcare services and children’s education.
“Apart from this we have also proposed to the government to develop Manus as an international free trade zone.
“Prime Minister Peter O’Neill and all political leaders and Manus community welcomed our intention towards the development of the province.
“Our investment plans would be towards all the provinces of Papua New Guinea,” Bharadwaj added.