The new port at Ad Duqm, some 500kms by road south of Muscat is rapidly becoming the most active economic area in Oman. From a town that a few years ago had no Bank, it was developed by the Oman government
in co-operation with Koreas Daewoo into a dry-dock to take advantage of the tankers and container ships that use the sea route about 50kms off the port. Since then the infrastructure has grown to include a, commercial cargo port for containers, general, and bulk cargo; a regional airport and accommodation hub. Future developments include a major logistics hub for Britain’s Royal Navy that should be capable of handling new Aircraft Carriers and a terminus for Oman’ Rail network and commercial fishing harbour.
Core finance is being provided for this infrastructure is being made though a $265 million loan agreement by the Asian Infrastructure Investment Bank . Adjacent to the port is the Economic Zone where Iran in interested in co-operating with Oman to construct a car factory for around 20,000 cars per year, one of several major projected that Oman and Iran may develop. Within the general development area of Ad Duqm is an Oil storage facility to be developed at Ras Markaz; this will require additional separately financed infrastructure to achieve of some $400million. As with other finance, the loans will be obtained on the world markets.