Muscat – Minerals Development Oman (MDO) has signed a shareholder agreement to develop a titanium-dioxide production plant at the Sohar Free Zone.
The project will be established on an area of more than 120,000 sqm, with a capacity of 150,000 tonnes per year and a cost of RO43mn. The project will provide more than 300 job opportunities.
Under the agreement, MDO will own 35 per cent of the project shares while the remaining shares will be owned by strategic partners, most notably Stork International, a leading company in the field of manufacturing products related to titanium-dioxide, which is mainly used in pigment industry.
The purpose of selecting Sohar Free Zone as an ideal site for the project is to take advantage of the advanced infrastructure in the region, and to meet the project’s needs whether in importing raw materials or exporting the final product, as well as the proximity of the free zone to the target markets.
It is hoped that the increase in foreign direct investment (FDI) will contribute to the project development, adding to that the establishment of a number of secondary industries associated with it. This in turn will create more job opportunities and increase the contribution of the mining sector to Oman’s GDP.
Minerals Development Oman was established in 2016 with a clear strategic vision to invest in the mining sector in the sultanate and to increase its contribution to the growth of the economic and social sectors by creating job opportunities and building local competencies.