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Sunday, 08 November 2009 17:38 UAE time

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Oman signs $660mn port loan

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 23 September 2007

Oman signed an agreement on Saturday for a $660 million loan from the Japan Bank for International Cooperation to partly finance a port and dry docks in the Gulf Arab state, the state news agency ONA said.

The 14-year loan is to help finance the project in the southeastern city of al-Duqm which is expected to require a total investment of about $1.1 billion, ONA said, without giving financial details of the deal.

The port is expected to be ready by 2009, while the ship repair yard is to be completed by 2010. Oman hopes the development will become a major industrial and commercial hub, including power generation, petrochemical and water desalination facilities.

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