Four Omani state-owned investment arms have joined forces to promote a OMR100-million mining development company called Mining Development Oman (MDO), according to a report by the Times of Oman.
The State General Reserve Fund (SGRF), the Oman Investment Fund (OIF), the Oman Oil Company and Oman National Investments Development Company (Tanmia) – will equally own promoters’ capital of OMR60 million.
The remaining OMR40m will be raised from the investing public through an initial public offering (IPO) in the second quarter of this year, according to the report.
The four owners signed a memorandum of association for setting up the new firm on Tuesday in presence of Dr Ali Masoud Al Sunaidi, minister of commerce and industry.
Mining Development Oman will carry out both downstream (such as mining) and upstream activities, which include exploration and extraction processes.
The firm also has plans to cooperate with Oman’s private sector, whether as a partner, contractor, supplier or promoter of projects.
(OMR1 = AED9.54, at the time of publishing)