Gulf investors set up US$400m steel JV in Oman

Dammam, Saudi Arabia: Emirati, Saudi and Omani investors have announced a new joint venture to build a steel production plant in Oman with a total capital of US$ 400 million.

The announcement of the joint venture – named Dhofar Steel – was made today at the end of the Gulf Partnership ‘&’ Investment Forum in Salalah, Oman. The shareholders include Al Suwaidi Group, Al Tuwairqi Group and Salalah Development Company.

The plant will produce 1 million tons of steel a year and will provide 1,200 job opportunities to mainly Omani citizens.