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Oman continues to draw Singapore investors
AMONG the companies helping Oman to set up its infrastructure have been some prominent Singapore firms such as technology-driven environmental company Hyflux, which entered the market in 2009.
The company, which provides cost-effective, reliable and sustainable solutions to its customers worldwide, has since built up its resources in Oman, where it has so far won two contracts.
In 2014, a consortium of Hyflux and National Power and Water Co was awarded a US$250 million contract to design, build, own and operate an independent water project (IWP) in Qurayyat.
Prior to this, in 2009, Hyflux secured a contract to design and supply a desalination facility for the Salalah Independent Water and Power Project (IWPP) in Oman. This was Hyflux's first desalination project in the Sultanate and its first IWPP project.
The increasing scale and scope of involvement reflects growing cooperation between the two countries. "Singapore firms look forward to more opportunities to contribute to Oman's economic development," a Hyflux spokeswoman said.
Oman has maintained its standing as the country with the fourth largest investments for Singapore in the Middle East and for Hyflux, the Sultanate remains a very stable country.
Oman has good prospects and has easy market entry, the spokewoman added. Meanwhile, the Omani government has made the country more attractive for investments and development activities.
Hyflux believes that Oman will soon emerge as a prime spot for investment in the region. While the oil crisis has slowed investment elsewhere, Oman continues to improve its business climate and industries at a steady pace.
"We hope to do more in the foreseeable future after we have completed the Qurayyat project," concluded the spokeswoman.
As a sign of its long-term commitment, Hyflux has provided sponsorship, supported the Omanisation policy and facilitated technology exchanges.
Hyflux noted that the Qurayyat project is now speeding towards the May 2017 commercial operation date, and as it comes online, will contribute towards Oman's water sustainability.
The Qurayyat IWP will be a seawater reverse osmosis desalination plant with a designed capacity of 200,000m3/day and is scheduled to commence commercial operation by May 2017 under a 20-year water purchase agreement with government-owned Oman power and water procurement company SAOC.
Hyflux's role includes turnkey engineering, procurement and construction (EPC) as well as operations and maintenance of the plant.