Oman and Türkiye are advancing their developing economic relations by establishing the Musandam Drydock and Marine Industries Company. The shareholders agreement – including binding commercial terms – is a partnership between the Musandam International Investment Company and Turkish investors.
Musandam Project Will Promote Marine Integration and Development
The project aligns with Musandam International Investment Company’s strategy to build an integrated local ecosystem and promote development in Musandam. Moreover, it aims to enhance industrial integration in the marine and fisheries sector, supporting national goals for food security, employment and sustainable economic growth. The facility will cater to Oman’s domestic market as well as supply regional demand in accordance with Oman Vision 2040.
Future Expansion Phase Targets Development of Ancillary Industries
Notably, the venture will attract initial investment of over OMR 5 million (USD 13 million). Accordingly, it will facilitate the construction and maintenance of fish farming cages and coastal and commercial fishing vessels. Furthermore, the new enterprise will contribute marine tugs, service and transport vessels up to 35 metres in length. The first phase will focus on establishing the core shipbuilding and repair infrastructure including developing slipways and fabrication workshops. Furthermore, it also encompasses maintenance yards which will be tailored for small to medium-sized vessels. In addition, the company will also build infrastructure for manufacturing and servicing aquaculture cages and coastal fishing boats. Future phases will likely include expansion to handle larger vessel classes, integration of smart technologies and development of ancillary industries.
Oman-Türkiye International Forum 2025
In associated news, Oman`s Chamber of Commerce and Industry (OCCI) officially announced the Oman-Türkiye International Forum 2025. Targeting enhanced trade and investment relations, it will commence on December 15 at the Oman Convention and Exhibition Centre. Importantly, the event will see extensive participation from government officials, business leaders and investors from both nations. Opportunities in 15 vital economic sectors will be presented, including manufacturing, tourism, ICT, real estate, logistics, agriculture, healthcare and education.
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