In its biggest ever expansion drive outside of the UAE, the Abu Dhabi-based Ghantoot Group on Sunday announced that it will invest $500 million (Dh1.83 billion) in various projects in Oman's hospitality, water and power sectors.
A top official for Ghantoot Group said that starting in 2012, the group plans to establish two power plants, three hotels and investment in other facilities in 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, in Oman, and adjoining areas, while another power plant, of 120MW capacity, will be set up in central Oman at a site to be finalised soon. When completed, the two plants will provide power to Omani consumers at a lower cost to the government.
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