Manufacturing Japanese firms to build iron metallics project in Oman By Pramod Kumar April 11, 2023, 6:02 AM Oman News Agency Opaz, Kobe Steel and Mitsui plan steel production by 2027 Oman’s Public Authority for Special Economic Zones and Free Zones (Opaz) has signed a memorandum of understanding with Kobe Steel, a Japanese steel manufacturer, and Mitsui & Company, a global trading investment company, to develop a low-CO2 iron metallics project in the Special Economic Zone at Duqm (Sezad). The two Japanese firms signed a land reservation agreement with the Port of Duqm Company and inked another memorandum of understanding with the Centralized Utilities Company (Marafiq) to supply the project with power and water, state-run Oman News Agency reported. The project is likely to produce five million tonnes of direct reduced iron annually. Kobe Steel and Mitsui aim to provide a near-term decarbonisation solution to the steelmaking industry. In the long term, the plant targets further decarbonisation by replacing natural gas with hydrogen and carbon capture. Further, Kobe Steel and Mitsui will conduct a study to commence low-CO2 iron metallics production by 2027. The product will be supplied to businesses in Asia and other global markets such as Europe. Dr Ali Masoud Al Sunaidy, chairman of Opaz, said the project is “a great addition” to the steelmaking industry in the sultanate as it will enhance in-country value by supporting local small and medium enterprises.
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] 1 day ago
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Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
