Swiss firm in solar energy project in Oman

Muscat: Terra Nex Fin-ancial Engineering AG Switzerland (Terra Nex), in collaboration with Middle East Best Select (Mebs) Group of Funds, plans to invest $2 billion to develop solar power resources in Oman, according to a press release.

"The project, which involves foreign investment, is also aimed at developing the local industry as all components for the renewable energy project will be made locally," Shaikh Hilal Bin Khalid Bin Nasser Al Maawali, Omani partner of Terra Nex and Mebs, told an Oman-German business meeting on Sunday.

Solar power stations, solar panel and alum-inium frame factories, renewable energy engineering institutes and related sectors will be involved in the project.

Maawali pointed out that Omani youth would be trained and employed in the project, which could take 18 months to complete after it gets formal government approval.

Terra Nex has organised a tour for 70 German investors of Mebs to give them a first-hand look at Oman.

Some of the investors met government officials and leaders of the industrial and power sectors. Mebs has launched a private investment fund named ‘Solar Energy-Photovoltaik in Oman' with an initial investment of $200 million to finance the first solar power station.