China's Wanfang to establish building materials market in Duqm Special Economic Zone
Chinese company Oman Wanfang
has signed a partnership agreement with two Omani companies to establish a
building materials market in the Special Economic Zone in Duqm, local media
Times of Oman reported Monday.
According to a statement
issued by the Duqm Special Economic Zone Authority, the market will be jointly
developed by Oman Wanfang, developer and operator of the China-Oman industrial
park in Duqm, Al Thabat Holding company, an investment company active in
infrastructure activities, and Oman Company for the Development of Special
Economic Zone at Duqm.
The three companies will
establish a joint venture named Duqm Building Materials Market Company, where
Oman Wangfang will hold a 51-percent stake.
The project includes the
development of land, main warehouses, and retail space areas for building
material companies from around the world, especially the Middle East and East
Africa, to showcase, store, market and sell their products in Duqm.
The building materials market,
covering an area of 250,000 square meters, is scheduled to start the first
phase of construction before the end of this year.
Oman Wanfang, a subsidiary of
Wanfang China from the Ningxia Hui Autonomous Region of China, is developing
the 40,000-square-meter China-Oman industrial park in Duqm, about 600 km south
of the capital Muscat, with a total investment of 10.7 billion U.S. dollars.
- Xinhua