Investcorp to spend $550m to expand Oman’s Duqm port

Bahrain-based asset manager Investcorp will invest $550 million to expand the Port of Duqm in Oman, as part of a strategy to build a regional infrastructure portfolio.

Investcorp Aberdeen Infrastructure Partners (AIIP), a joint venture with UK-based fund manager Aberdeen, will be a shareholder in the project alongside Cap Infra, a consortium comprising the Port of Duqm Company, Deme Group and Port of Antwerp Bruges, the investment company said in a statement on Monday.

The new infrastructure at the Port of Duqm is AIIP’s fourth investment in the region, after supporting a sustainable water project with Adnoc in the UAE and two infrastructure concessions in Saudi Arabia.

Duqm, in the southeast of Oman, has direct access to the Indian Ocean and is a multipurpose centre which handles container shipments, dry and liquid bulks, as well as general and bagged cargo.

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The expansion includes marine infrastructure works, in addition to dredging and construction of a new quay wall that is expected to serve a new low-carbon industrial plant within Duqm’s special economic zone.

AIIP secured the mandate to invest in the Port of Duqm project following a “competitive process”, beating four bidders.

Investcorp, which has its headquarters in Bahrain, manages assets worth $55 billion and has offices in the US, Europe, GCC and Asia.