Wednesday, November 29
07:05 AM

Oman explores investing in Zanzibar


Muscat – Oman Investment Authority (OIA) is exploring investment options in Zanzibar with the authority signing a memorandum of understanding with the Zanzibar government on Thursday.

According to OIA, the authority and its subsidiaries will study the feasibility of a project to rehabilitate, develop and operate the Malindi Tourist Port and develop the waterfront, as well as transfer commercial activities from the current port to the new Manga Pwani port.

Sami bin Abdullah al Sinani, senior director of logistics and infrastructure services at OIA, said in a statement that the memorandum of understanding (MoU) aims to maximise Oman’s benefit from the Belt and Road Initiative, which passes through a group of ports in Asia and Africa. “The MoU also aims to build on the historical Omani relations with East Africa, one of the economically promising regions.”

Sinani added that the MoU holds investment opportunities that will contribute to the transfer of expertise available in order to expand the management of international projects and to enter into partnerships with investors.

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