Abu Dhabi Ghantoot Group to invest $500m in Oman
Two power plants to form part of Oman investment for Abu Dhabi group
Abu Dhabi-based Ghantoot Group is planning to invest $500m investment in a variety of projects in Oman, including two power plants and three hotels, it was announced on Sunday.
The expansion plans will be the Abu Dhabi-based firm’s biggest ventures outside the UAE and will create up to 2,000 new jobs for Omani nationals.
According to a statement issued on Sunday, a 140MW power plant will be set up in Ras Al Khaimah, in the UAE, to supply electricity to Musandam, in Oman. A second 120MW power plant will also be set up in central Oman, but the site has not yet been finalised.
The investment in the hospitality sector will include three hotels in Musandam, with a total of 600 rooms. In addition, Ghantoot will partner with a well known UK college to establish a specialised training centre, which will provide training for UAE and Omani candidates looking to work in the utilities sector.
"Over the past few years, the Sultanate of Oman has taken huge strides in driving its economy forward and generating jobs for its nationals. We are keen to partner with the government and play a constructive role in the country's development," said Rashid AlBalooshi, managing director of Ghantoot Group.