Chinese firm signs MoU with Oman fund for $94m solar panel project

A Chinese firm is joining hands with an Omani investment fund to build a large solar panel project in Duqm, which will have a capacity to manufacture panels for power plants to generate 1,000 megawatt (MW) energy per annum. Ningxia Zhongke Jiaye New Energy and Technology Management Co. has signed a memorandum of understanding (MoU) with Oman Investment Fund to build the $94 million-solar panel venture in Duqm free zone. Ningxia Zhongke will have a 51 per cent stake, while the remaining 49 per cent ownership will be held by Oman Investment Fund, the president of Ningxia Zhongke, Li Li, told Times of Oman.

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Omani cement firms form new joint venture

Two of Oman’s cement producers—Raysut Cement Company and Oman Cement Company—have formed a new cement firm. The new joint venture company, Alwasta Cement Company, proposes to set up a new cement project in the near future, subject to a detailed feasibility study, Raysut Cement said in its first quarter report posted on the Muscat Securities Market (MSM) on Tuesday. Another joint venture promoted by Al Anwar Holding and an Iranian firm is also planning to build a cement project in Duqm.

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Oman Wanfang plans OMR400m infrastructure investment in Duqm

Oman Wanfang, which is the master developer of the China Oman Industrial Park in Duqm, plans to invest OMR400 million in the next five to seven years for developing basic infrastructure within the industrial park. Oman Wanfang, which is a consortium of six Chinese private firms, manages 1,172 hectares of land, which will house Chinese industries in Duqm. A foundation stone for building the industrial zone was laid last month. Also, in a major push for the ambitious development programme for the Duqm free zone, 10 Chinese firms signed land lease agreements last month for building various projects, totalling an investment of $3.06 billion.

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OmanPride: Salalah’s Al Baleed Resort scoops Hotel of the Year award

Salalah’s Al Baleed Resort, one of the Sultanate’s newest hotels on the block, added to its fast-growing reputation as a premier tourist destination when it won the National Award for Hotel of the Year category at the Middle East Economic Digest (MEED) Awards for 2017. It is a recognition that has been well received by Cyril Piaia, the CEO of Musstir LLC, one of the major shareholders in Al Baleed.

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GCC expats can still get tourist visa for OMR5

Though the price of Oman’s tourist visa has been raised to OMR20, the OMR5 price is still applicable to Gulf Cooperation Council (GCC) expatriates visiting Oman, according to travel agents working in the Sultanate. According to the new rules, tourists must now obtain the tourist visa for a minimum one month stay for OMR20; previously, they could buy a 10-day visa for OMR5.

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Oman crude oil price

Why Oman crude oil price plunged to five-month low? Oman’s crude oil price plunged to its lowest level in five months, as rising oil supply from the United States (US) continued to cast doubts on the ability of Organisation of Petroleum Exporting Countries (OPEC) to protect prices.

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