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Indian firm to develop SEZ in Oman

Indian firm to develop SEZ in Oman

Muscat: India's leading infrastructure and development company, SKIL Infrastructure, says it will develop a major Special Economic Zone (SEZ) close to the industrial port of Sohar with an investment in excess of $2 billion.

Media reports quoted a top official of SKIL subsidiary Horizon Countrywide Logistics as saying that the Mumbai-based developer had signed a Memorandum of Understanding (MoU) in this regard with the shareholders of Sohar port - the Omani government and the Port of Rotterdam.

The MoU grants SKIL a 49 per cent stake in the 4,300 hectare multi-product SEZ, while the rest will be held by the Omani government and the Port of Rotterdam.

In May, the Port Authority announced that the SEZ would be developed adjacent to Sohar port, which has already attracted over $12 billion in industrial projects, utilities and terminal infrastructure. This close proximity to the port ensures considerable logistics advantages to SEZ investors.

The SEZ of Sohar is expected to be formally launched later this year.  [14/7/08]