SEZAD signs $265m finance agreement for Duqm Port

BEIJING: Yahya bin Said al Jabri, Chairman of the Board of Directors of the Special Economic Zone Authority in Duqm (SEZAD) on Monday signed an agreement with the China-based Asian Infrastructure Investment Bank (AIIB) to finance the second package of Duqm Port. The package is related to implementing the commercial terminal inside the port. The agreement was signed by Dr D J Pandian, AIIB Vice President and CEO for Investment.

Signing this agreement comes within the SEZAD commitment to complete all infrastructure projects related to Duqm Port by 2020 and achieve SEZAD’s vision towards enhancing the role of the Special Economic Zone of Duqm (SEZD) and attract more investments at the various industrial, business and tourism sectors.

As per the agreement, SEZAD will receive $265 million loan, which will be repaid on installments up to 25 years including five-year grace period. The finance has been availed at a competitive price and low finance fees compared to other financing agencies. The Sultanate is one of the leading countries that contributed to the China-based AIIB.

Scores of infrastructure, industry, business, tourism, logistic and real estate projects are currently under way at SEZD.

SEZAD signed three key agreements last year to complete the reminder works at Duqm Port as part of its plan to prepare the Port for commercial operations. These agreements are related to the 2nd, 3rd and 4th packages of the Port at a total accumulated cost of RO 239.9 million.