MUSCAT - A new joint stock company, dedicated to supporting investment and economic development in Al Dhahirah Governorate, marked its formal establishment on Thursday with a series of agreements that underscore the potential of this strategically important governorate located in the west of Oman.

Al Dhahirah International Development and Investment Company SAOC (Aldhahirah) was founded last year by a diversified base of financially strong and well-reputed shareholders from Al Dhahirah Governorate.

The closely held joint stock company seeks to support sustainable investments in various sectors of the economy with a focus on energy, logistics, mining, construction, agriculture and tourism.

On Thursday, January 18, Aldhahirah celebrated the inauguration of its office in Muscat in the presence of a number of prominent government and business dignitaries. The inauguration was held under the auspices of Abdulsalam al Murshidi, President of Oman Investment Authority (OIA).

Following the opening, a number of MoUs were signed, effectively heralding the start of Aldhahirah’s commercial operations. One such agreement was signed by Aldhahirah Chairman Abdulrehman al Yahyaei with the Public Authority for Special Economic Zones and Free Zones (OPAZ), represented by Eng Ahmed al Dheeb, Deputy Chairman.

“The partnership concerns establishing, developing, and operating a dedicated integrated station for truck services near the land port within the Integrated Economic Zone in Al Dhahirah Region,” said Aldhahirah in a post.

OPAZ is spearheading the development of the Integrated Economic Zone in Al Dhahirah in partnership with its Saudi counterpart, the Saudi Economic Cities and Special Economic Zones Authority.

The massive 388 sq km zone, to be developed in multiple phases, will serve as a new engine of industrial and economic investment in the governorate that seeks to capitalise on its proximity to the oilfield areas of Oman, on the one hand, and Saudi Arabia on the other.

Also on the occasion, Aldhahirah signed an MoU with Oman Broadband, wholly state-owned company focused on rolling out high-speed broadband infrastructure, to support the installation of “cutting-edge infrastructure to enhance the region’s connectivity”. The pact was signed by Eng Sultan al Wahaibi, Chief Executive Officer of Oman Broadband, and Ibrahim al Balushi, Chief Operating Officer of Aldhahirah.

Furthermore, Aldhahirah joined hands with local Omani SME Tamkeen - Oil and Gas Services to cooperate in the area of downhole tools rental services. Oilfield services company Schlumberger (SLB) also signed a purchase agreement with Tamkeen - Oil and Gas Services for the rental of downhole tools services.

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