Business | General
Oman to invest $5 billion in domestic steel industry in 2008
Oman is aiming to become one of the Gulf region's top iron and steel producer, with plans to invest $5 billion to boost productivity and construct new facilities.
- Staff Report
- Published: 16:00 September 29, 2008
Dubai: Oman is aiming to become one of the Gulf region's top iron and steel producer, with plans to invest $5 billion to boost productivity and construct new facilities.
As a relative newcomer to the steel sector, Oman has witnessed significant growth in its steel industry in the last few years.
Industry analysts are optimistic of Oman's potential to become a major steel producer in the region, with the government taking substantial investments in developing its steel production capacity primarily to supply the burgeoning local consumption, which is expected to hit 1.1 million tons by 2010.
Danube Building Materials FZCO, construction, interior decoration and shop fitting industry, has announced that it will be channelling Dh50 million to develop a new steel facility in Mabella, Oman.
The facility will function as the logistics hub for Danube's operations in Oman and will facilitate the storage of all stock including deformed bars and other structured steel like angles, channels, and plates.
More from Business General
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
