DOHA: Mowasalat has signed an agreement with Oman to set up a bus assembling unit in Oman at an estimated cost of QR584m. The project for assembling Karwa buses is a joint venture between Mowasalat and the Oman Investment Fund.
The agreement was signed by Qatar’s Minister of Transport H E Jassim Seif Ahmed Al Sulaiti, who is also Chairman of Mowasalat, and Darwish bin Ismail Al Balushi, Omani Minister for Financial Affairs and Chairman of Oman Investment Fund at a ceremony held at the headquarter of the Finance Ministry of Oman on Thursday.
The assembling and manufacturing unit will be built in an area of 100,000sqm in the Industrial Area of Mudhaibi province of Oman. The project is expected to take two to three years to complete. Seventy percent of the funding will be by Mowasalat, while the remaining will be provided by the Omani Investment Fund. The total capacity of the plant will be 2,000 buses per year, which will include school buses, small, medium and large buses to be marketed in GCC countries especially in Qatar and Oman.
The Peninsula
