Investcorp to Invest in $550 Million Expansion of Port of Duqm in Oman

By Federico Maccioni

DUBAI, May 19 (Reuters) – Investcorp has entered an agreement to invest in the $550 million expansion of the Port of Duqm in Oman, the Middle East’s biggest alternative investment firm said on Monday, as it deepens investments in regional infrastructure assets.

The firm’s infrastructure platform, Investcorp Aberdeen Infrastructure Partners (AIIP), will be a shareholder in the project, alongside a consortium formed by the Port of Duqm Company, the DEME Group, and Port of Antwerp Bruges, Investcorp said in a statement.

Investcorp will contribute to around 20% of the overall amount, a source with knowledge of the matter told Reuters. The company declined to comment.

Duqm port, located on Oman’s southwest coast, lies close to its major oil and gas projects, and serves as a multipurpose hub, handling container shipments, dry and liquid bulks as well as cargo.

The expansion project envisages marine infrastructure works, dredging, and the construction of a new quay wall that will service a new low-carbon industrial plan for green steel production.

Oman, a small non-OPEC producer, is following other Gulf countries in economic diversification efforts aimed at reducing dependence on oil revenues.

As part of the efforts, the country has been investing to support its decarbonization targets, with the aim of producing at least 1 million metric tons of renewable hydrogen a year by 2030, according to a report published by the IEA in 2023.

“We are pleased to be investing not only in one of Oman’s largest infrastructure projects but in Oman’s Vision 2040, contributing to the goal of achieving carbon neutrality by 2050,” Investcorp executive chairman Mohammed Alardhi was quoted as saying in the statement.

Investcorp said that AIIP had secured the mandate to investing in the Port of Duqm project after a “competitive process”.

The company, founded in 1982 in Bahrain, manages assets worth $57 billion as of April. It is best known for listing luxury goods brands such as Gucci and Tiffany & Co, but it has branched out into private credit and assets including infrastructure.

Under Alardhi, Investcorp has grown its assets under management more than fivefold since 2015. In the following years, it also expanded its footprint in Asia, opening offices in Singapore, Beijing, Mumbai, Delhi, and Tokyo.

(Reporting by Federico Maccioni, Editing by Louise Heavens and David Evans)

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