Several institutional investors from Oman and the GCC are said to be baking the MISCO venture
Moon Iron and Steel Company (MISCO) and Raysut Steel Industries are said to be making steady progress in the construction of modern steel mills in Oman’s Sohar Industrial City and Raysut Industrial City respectively.
Both projects are scheduled to come on stream in the next two years and, once complete, the greenfield projects are expected to boost the manufacturing and construction sectors of the economy.
The Oman government’s Implementation Support & Follow-up Unit (ISFU) – part of the Diwan of Royal Court – has played a key role in smoothing the way in their expeditious completion, according to a report by the Oman Daily Observer.
Both projects are said to be part of a large portfolio of manufacturing-related projects and initiatives that were identified by Tanfeedh (The National Programme for Enhancing Economic Diversification), as key to accelerating the growth of the non-oil sector, while supporting the creation of employment in the Sultanate.
The MISCO facility is planned to be a ‘state of the art’ steel billet and rebar manufacturing plant with an annual capacity of 1.2m tonnes of billets and a rolling capacity of 1.1m tonnes.
The facility is expected to use European steel processing technology, making it one of only a few facilities in the region with the capabilities to manufacture a range of products targeted at markets in the Gulf and the African continent.