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FINANCIAL NEWS
UAE’s Ghantoot Group to invest USD500m in Oman
19 Feb 2012
(MENAFN) Abu Dhabi’s Ghantoot Group said that starting this year, the firm would invest USD500 million in several projects in Oman, reported Gulf News.
The company added that the investment would be its biggest expansion project outside the UAE, adding that the amount would be distributed over the Sultanate’s hospitality, water and power sectors.
It also said that the projects would include 2 power plants, the first plant with a capacity of 140MW, would be established in Ras Al Khaimah in the UAE to supply electricity exclusively to Musandam, in Oman, whereas the other of 120MW capacity, will be constructed in central Oman at a site to be finalized soon.
It is worth noting that the projects would also include 3 hotels and investment in other facilities in water desalination, transmission and distribution, in addition to oil and gas projects.
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