A building material market will be developed in Oman with the help of a Chinese company which can be used by various companies around the world as a base for marketing and selling their products related to the construction industry. The market will come up in China-Oman (Duqm) Industrial Park and the first phase of the project is expected to start by the end of 2018. 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.
Total land area allocated to the building material market project, approximately 250,000sqm, will comprise retail/commercial space, warehousing/logistics space and land area for utilities and infrastructure. Given the advantage in location of Duqm, this initiative is expected to bring about logistics efficiency for the sector, and not only Oman, other countries in the Middle East and East Africa will also benefit from the construction material market being established on the coast of Duqm.
The project will be developed under a joint venture company, Duqm Material Market SAOC, where Oman Wanfang will invest 51 per cent while Al Thabat and Tatweer will hold 34 per cent and 15 per cent equity, respectively.