A top official of the group said that starting 2012, it plans to establish two power plants, three hotels and investment in other facilities like water desalination, transmission and distribution and oil and gas projects aimed to benefit the Sultanate.
The first power plant, of 140MW capacity, will be set up in Ras Al Khaimah in the UAE to supply electricity exclusively to Musandam, Oman, and adjoining areas, while another power plant, of 120MW capacity, will be set up in central Oman at a site to be finalized soon. When completed, the two plants will provide power to Omani consumers at a lower cost to the government.
The group, which has diversified business interests across the Middle East, also plans to invest in hospitality portfolio by building a 320-room resort hotel in Musandam and another two hotels featuring 600 rooms in total. Altogether, the projects will create more than 2,000 jobs for Omani nationals, while preserving the natural beauty and environment of Musandam and adjoining areas.
Rashid Al-Balooshi, managing director of Ghantoot Group, said that the group is currently in discussion with government bodies in Oman to finalize the proposal. "Over the past few years, Oman has taken huge strides in driving its economy forward and generating jobs for its nationals. We are keen to partner with the Oman government and play a constructive role in the country's development," he added. "Our investment in Oman reaffirms our ability in identifying suitable opportunities to invest in promising, high-growth regions in the Middle East."
The hotel planned for Musandam and the power plant will create 300 jobs for Omanis as well as more importantly, sustain the environment, which has remained unpolluted, Al-Balooshi said. It is proposed that the power for Musandam will be transmitted from the UAE's Ras Al Khaimah emirate, located only 15 km from the Oman border.
Al-Balooshi also stated that a specialized training center with a reputable UK college will provide training for the UAE and Omani candidates also to enter the utilities sector with diplomas and on-the-job apprentice studies. This will greatly help in alleviating the local shortage of skills required for the utilities industry.
Conservative estimates point out that Oman will be able to benefit more than $1 billion through direct investment savings and other water and power production cost savings alone, once the projects are implemented.
