Gulf investors to set up $400m JV in Oman

Emirati, Saudi and Omani investors have announced a new joint venture to build a steel plant in Oman with a total capital of $400 million.

The announcement of the joint venture - named Dhofar Steel - was made today at the end of the Gulf Partnership and Investment Forum in Salalah, Oman.

The shareholders include Al Suwaidi Group, Al Tuwairqi Group and Salalah Development Company.

The plant will produce one million tons of steel a year and will provide 1,200 job opportunities to mainly Omani citizens.

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