Oman and the Belgian port of Antwerp have signed an agreement to set up a joint company to manage the sultanate's port at Duqm, a finance ministry statement said.

"The government and Belgian port of Antwerp will each have 50 percent shareholding in the new company called Port of Al Duqm," the statement said.       

"This new company will co-ordinate, manage and expand the business of the port," the statement added.   

The port at Duqm is under construction and it is expected to be completed in 2012. Oman is developing Duqm as a major industrial city with a construction of an international airport, a free trade zone, a power plant, an oil refinery and shipping repair facilities. - Reuters