The investment will be utilized to establish a state-of-the-art production facility in Suhar, aimed at manufacturing advanced composite core conductors.
Nov 04, 2024
Oman Cables Industry SAOG, a leading cable manufacturer based in Muscat, has announced plans to invest approximately USD 4.9 million into its subsidiary, Oman Aluminum Processing Industries SPC (OAPIL). The decision was approved by the company’s Board of Directors, and is projected to generate a 75 percent internal rate of return (IRR) within three years.
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The investment will be utilized to establish a state-of-the-art production facility in Suhar, aimed at manufacturing advanced composite core conductors. The conductors are designed to significantly improve the capacity, reliability, and resilience of energy grids, aligning with the global transition toward more sustainable energy solutions.
Cinzia Farisè, Chairperson of the Board of Directors, highlighted, “The project would not only expand OAPIL’s operational scope but also contribute to increased profitability and diversification for Oman Cables. The new facility will strengthen the company’s presence in international markets, particularly within the rapidly evolving energy infrastructure sector.”
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Oman Cables has indicated that further updates on the progress of this investment will be provided in due course as the company positions itself to capitalize on emerging opportunities in the global energy market.
