Chinese company Oman Wanfang has signed a partnership agreement with two Omani companies to establish a building materials market in the Special Economic Zone in Duqm, local media Times of Oman reported Monday.
According to a statement issued by the Duqm Special Economic Zone Authority, the market will be jointly developed by Oman Wanfang, developer and operator of the China-Oman industrial park in Duqm, Al Thabat Holding company, an investment company active in infrastructure activities, and Oman Company for the Development of Special Economic Zone at Duqm.
The three companies will establish a joint venture named Duqm Building Materials Market Company, where Oman Wangfang will hold a 51-percent stake.
The project includes the development of land, main warehouses, and retail space areas for building material companies from around the world, especially the Middle East and East Africa, to showcase, store, market and sell their products in Duqm.
The building materials market, covering an area of 250,000 square meters, is scheduled to start the first phase of construction before the end of this year.
Oman Wanfang, a subsidiary of Wanfang China from the Ningxia Hui Autonomous Region of China, is developing the 40,000-square-meter China-Oman industrial park in Duqm, about 600 km south of the capital Muscat, with a total investment of 10.7 billion U.S. dollars.