(MENAFN- Muscat Daily) Oman and Qatar have signed an agreement to set up a bus assembly unit in Mudhaibi, North Sharqiyah. H E Darwish bin Ismaeel bin Ali al Balushi, Minister Responsible for Financial Affairs and chairman of the Oman Investment Fund (OIF), and Jassim Saif Ahmed al Silaiti, Qatari Minister of Transport and chairman of the Board of Directors of Mowasalat transport company, signed the pact.
H E Balushi said that following the agreement, a joint company will be formed to set up the factory to manufacture buses. The factory will come up at an initial cost of US$160mn, 30 per cent of which will be provided by OIF, while the rest will be contributed by Mowasalat. The project is expected to create 500 jobs in the first phase and production at this phase will be 1,800 to 2,000 units per year, the minister said.
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