Oman fund gets nod for Tanzanian port project

Business Monday 27/November/2017 12:51 PM
By: Times News Service
Oman fund gets nod for Tanzanian port project

Muscat: A major integrated project to develop a port and an adjoining industrial zone in Tanzania by the Sultanate’s State General Reserve Fund (SGRF), along with its partner China Merchants Ports (CMPorts), has received approval from the Government of Tanzania.
The proposal included dredging of the navigational channel, construction of a port and logistics park, and the development of the portside industrial free zone. The whole project is called the Bagamoyo Special Economic Zone Project, said a press release.
This approval is a major milestone and will be followed by negotiations on legal agreements. Thereafter, activities will commence on environmental studies, tendering of engineering, procurement, as well as on the construction packages and construction works of the project.
Bagamoyo project is one of the largest strategic projects of the SGRF. It includes the construction of a maritime port having international standards, which will be developed in phases.
The first phase will include four marine berths, two of which will be allocated to containers — one for multiple uses and another for support services.
The first phase of the port will be developed parallel to the development of the supporting infrastructure, as well as the industrial zone associated with the port. An additional area of 700 hectares will be allocated for the future development of the port, which is expected to accommodate giant vessels.
“We would like to thank the Government of Tanzania for entrusting us with the development of this project, and we highly value this partnership, which comes in light of the deep-rooted historical relations with Tanzania and as a strong testimony to the successful relations with the China Merchant Group,” stated Abdulsalam Al Murshidi, Executive President of SGRF.
A free industrial zone will also be connected to the port, which will cover an area of 1,700 hectares. Some 70 per cent of the area will be allocated to factories, workshops, stores and warehouses, while 30 per cent will be used for transportation networks, landscaping, water, power, and gas and telecommunications networks.