Majan Electricity to invest $57m in new projects

The Muscat based Majan Electricity Company is to invest RO 22 million (US$ 57 million) into new projects over the next year, local media has reported.

The development plans are intended to help the company keep pace with growing demand in Oman, which estimated to be at 7% per annum.

"During the previous year, the company investments reached RO 19.2 millions in the company licensed areas which include North Batinah, Dhahirah region and Buraimi Governorate", Ahmed bin Saif Al Mazroui, general manager of Majan Electricity told the Oman Daily Observer.

The North Barinah region is said to expect growth of 12% due to a large number of investments in the commercial and industrial sectors. The majority of projects will be located in this area.

The company has also recently revealed it designated RO 180,000 for qualifying and training its employees in 2009.