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Investcorp invests in Port of Duqm expansion: Bahrain-based global asset manager Investcorp’s joint venture with Aberdeen PLC — Investcorp Aberdeen Infrastructure partners (AIIP) — has inked a cooperation agreement to invest in a USD 550 mn expansion project of Oman’s Port of Duqm, according to a statement. A consortium — dubbed CAP INFRA and including the Port of Duqm Company, the DEME Group, and the Port of Antwerp Bruges — will also be a shareholder in the project along with AIIP. The exact breakdown of ownership was not disclosed.
What’s in the cards: The project will include marine infrastructure works, dredging, and the construction of a new quay wall. It will also focus on servicing a new low-carbon industrial plant within the Special Economic Zone at Duqm that would produce low-carbon iron metallics products and hydrogen-powered steel. This project makes it AIIP’s fourth round of investment — following the Adnoc Project Wave in the UAE and two infrastructure concessions for social and public assets in KSA.
The port’s been seeing some action: Oman’s Asyad Group launched a tender earlier thismonth for consultants to conduct a feasibility study for the expansion of the Asyad Drydock at Duqm port, to assess the berth arrangement and dock options and to cover economic feasibility, revenue generation, environmental impact, operational efficiency, and any necessary engineering works.
REMEMBER- The port is set to be a key gateway for Europe-bound exports of liquified hydrogen after the country and the Netherlands inked a Joint Development Agreement in April to establish a commercial corridor to transport liquified hydrogen from the port to the Netherlands’ Port of Amsterdam and Germany’s Port of Duisburg.
Investcorp’s been on an investment roll: Investcorp signed a definitive agreement in March to acquire a majority stake in German logistics consultancy outfit Miebach Logistik Holding GmbH. Investcorp also launched a new USD 1 bn investment fund — dubbed Investcorp Golden Horizon. Investcorp and New York-based investment firm Corsair Capital were to invest USD 4.2 bn in April 2024 in the redevelopment of New York’s JFK Airport Terminal 6. The asset managing firm also led a pre-IPO investment round of USD 130 mn raised by the e-commerce platform Salla in March 2024.
