Skip to content Skip to Search
Skip navigation

Oman’s Salalah Free Zone to get $230m processing plant

By Pramod Kumar
Oman News Agency
Salalah Free Zone and Besto Hengda Oman executives sign contract to establish a project for processing ferrous alloys and recycled wrapping paper

Salalah Free Zone, a subsidiary of Asyad Group, has signed an agreement with the Chinese silicon industry company, Besto Hengda Oman, to establish a project for processing ferrous alloys and high-quality recycled wrapping paper.

The project will be built on an area of 300,000 sq m, with an investment worth $230 million (OMR88.5 million), state-run Oman News Agency reported.

In its first phase, the production capacity is expected to reach about 90,000 tons of ferrosilicon alloys annually.

The output will be doubled in the second phase to 180,000 tons per annum.

The production capacity of recycled wrapping paper in the first phase will be about 300,000 tons annually.

Earlier this month the Public Authority for Special Economic Zones and Free Zones 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.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]