Abu Dhabi’s Ghantoot Group increases investment commitment in Oman

September 24, 2014

Ghantoot Group has renewed its commitment to invest in Oman after having proposed several utility and hospitality projects in Oman in 2012. Its proposals were awaiting the necessary clearances from authorities, and support was needed to put these projects on the road to implementation. Once completed,these projects will create jobs of Omanis and contribute to the local GDP.

Earlier, the GhantootGroup had announced a commitment of US$ 500million which, with project financing,would cross over US$1billion over three years. It would also create direct employment of 300 jobs and indirect employment of atleast another 1000.

Ghantoot has also since then actively participated in Oman’s tenders for infrastructure developments such as roads and has been a low bidder with high technical qualifications totalling nearly OR 200 million. The experience of implementing billions of dollars of infrastructure projects in time, quality and also at the lowest tendered prices comes from the huge resources, including plant and machinery available with the Group, considered to be one of the largest in the Middle East.

Rashid AlBalooshi, Managing Director of Ghantoot Group, said that the Group is currently in discussion with government bodies in Oman to complete the projects quickly. “We are pleased to be investing in Oman at a time when the government is undertaking rapid modernization efforts to drive the economy forward. I am confident that our initiatives would contribute for a positive change in the country’s development.”

Ghantoot is hoping to play an important part of Oman’s progress and taking part both in investment offering with a US$700millionproject in Duqumfor a Bio fertilizer facility with captive power and carbon capture that would help both the agriculture and oil and gas EOR. In addition,the investment hasa 45000m3/day SWRO facility that will provide potable and process water cheaper than the present procurement processes in Oman without off-take guarantees.

The initiatives would reduce the direct long-term liabilities of guaranteed off-take on the Omani government of atleast US$1billion from its books as direct and contingent liabilities thus reducing the effect on the country’s long-term credit ratings.

Utico, the leading private utilities developer and operator, is part of the Ghantoot Group of companies and has been propagating the model of non-off-take model of Utility development in Oman and all over the world for the past eight years. Recently, over 116 companies took part in their massive 22MIGD solar-powered desalination plant, which is a benchmark for such developments.

Ghantoot recently booked orders of over US$5billion,making it the leading infrastructure company in the region today.