The Duqm Industrial Land Company (DILC), a new joint venture between Port of Duqm Company (PDC) and Belgium-based Consortium Antwerp Port (CAP), is set to develop and promote the massive industrial clusters created with the Duqm Special Economic Zone (SEZ), according to a report.

The JV will develop and market the plots earmarked for industrial investments within the SEZ and its mandate has been broadly fashioned on the model that has transformed the hinterland around Port of Antwerp in Belgium into an industrial and economic powerhouse, said the Oman Daily Observer report.

DILC’s remit covers 2,000 hectares of land earmarked within the SEZ for the development of medium, heavy and petrochemical industries, it said.

Of this vast area, an initial area of around 500 hectares will be taken in hand for immediate development, a senior executive was quoted as saying.

The initial funding of about $15 million as equity for the infrastructure development of the industrial lands will be contributed by the JV’s shareholders, he said.

It will be utilised to finance the preparation of industrial plots, provision of utilities and construction of roads. The development will be done in phases of 125 hectares each, he added.