Skip to content Skip to Search
Skip navigation

Apollo buys 50% interest in Oman maritime terminal

By Pramod Kumar
Vale Oman Distribution Center operates a maritime terminal in Sohar, with a large deep-water jetty Unsplash.com/Ronan Furuta
Vale Oman Distribution Center operates a maritime terminal in Sohar, with a large deep-water jetty

Apollo Global Management, listed on the New York Stock Exchange, will acquire a 50 percent interest in Vale Oman Distribution Center (VODC) from Brazilian miner Vale for $600 million.

The stake was purchased jointly by Apollo-managed affiliates, funds and other long-term investors, the global alternative asset manager said in a statement.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

VODC operates a maritime terminal in Sohar, with a large deepwater jetty and an integrated iron-ore blending and distribution centre with a capacity of 40 million tonnes annually.

VODC operates one of the world’s busiest trade routes, said Apollo partner Jamshid Ehsani.

The transaction is expected to close in the second half of 2024.

Vale will continue to own 100 percent of Vale Oman Pelletizing Company, one of the largest producers of iron ore pellets.

Latest articles

Saudi hotel llicences. Hajj pilgrims from Indonesia at a hotel in Mecca. Pilgrimages form a large part of Saudi Arabia's tourism goals

Saudi Arabia scraps hotel licence fees to draw investment

Saudi Arabia has removed licensing fees for hotels and resorts in a further effort to increase tourism and improve the kingdom’s investment environment.  The Ministry of Tourism and Ministry of Municipalities and Housing said they would ask hotel establishments to reapply for operating licences online. The decision applies to hotels, hotel apartments and residential resorts.  […]

Mubadala Getir New York

Mubadala applies to take full control of Turkey’s Getir

The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […]

PIF spending Yasir Al-Rumayyan

PIF spending to hit $70bn a year early, says IMF

Saudi Arabia’s Public Investment Fund will raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according to an International Monetary Fund official.  PIF’s governor Yasir Al-Rumayyan told a Saudi investment summit in February that the sovereign wealth fund would increase its annual capital spending from around $50 billion a […]