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FINANCIAL NEWS
Omani-Qatari bus assembly unit worth USD160m
04 May 2014
(MENAFN) An agreement aims to establish a bus assembly unit in Oman was signed between Oman Investment Fund (OIF) and Mowasalat, the national transport company of Qatar, Times of Oman reported.
OIF general manager said that the facility will be the first of its kind in the Sultanate and will be constructed on one million square meters of land in Al Sharqiyah region with an investment of USD160 million.
“Initially, it will start with assembly and later on will be turned into a full-fledged production facility. So, we will start with complete knock down (CKD) now. We will get the parts from the suppliers and will assemble the buses,” he added.
The unit will assemble around 2,000 busses every year once operated, with target markets including Oman, other Gulf Cooperation Council (GCC) countries and North Africa, he noted.
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