New Omani Operator Takes Charge of Khasab Fishery Port: Implications for Investors and the Seafood Industry
MUSCAT: Musandam Global Investment Company (MGIC) has officially inaugurated its latest branch, MP World, marking a strategic initiative aimed at transforming the Musandam Governorate into a leading maritime gateway. This development was initiated with the signing of a significant 10-year agreement for the development and operation of the Khasab Fishery Port.
The agreement, representing a new chapter in sustainable development for the region, was signed by Dr. Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Raed al Shehhi, Chairman of MGIC. The Khasab Fishery Port is dedicated to enhancing Oman’s fisheries infrastructure, providing crucial support for the nation’s expanding blue economy.
MGIC, a closed joint-stock company publicly listed on the Muscat Stock Exchange (MSX), has strong community ties, with 1,885 shareholders from Musandam. Since its establishment in 2023, it has become a pivotal force in advancing regional prosperity. The company’s projects encompass significant initiatives, including the extensive Tilal Al Nakheel (Palm Hills) residential development in Khasab and a collaboration to develop Musandam Drydock and Marine Industries. Additionally, MGIC is at the forefront of sustainable projects, such as a pilot initiative for Airborne Wind Energy (AWE) in partnership with Polish start-up Njord Energy.
The launch of MP World marks a crucial step in MGIC’s broader vision. While the Khasab facility will focus on fisheries, MP World is set to oversee additional ports and manage commercial, industrial, and logistics operations. This expansion aims to promote greater integration, efficiency, and national value within the maritime sector.
MP World is dedicated to combining local knowledge with international expertise to achieve world-class operational standards and sustainability. The successful signing of the Khasab Fishery Port agreement establishes a strong foundation for MGIC’s ambitions to manage various port facilities, enhancing Musandam’s strategic importance in global trade and establishing it as a vibrant hub of innovation.
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The launch of MP World by Musandam Global Investment Company presents a pivotal opportunity for businesses in Oman to tap into the burgeoning maritime sector, especially in sustainable fisheries and logistics. As MGIC integrates local insights with international best practices, smart investors should consider leveraging this shift to enhance port-related ventures and sustainable initiatives, positioning themselves at the forefront of Oman’s evolving blue economy. However, the focus on sustainability will also require vigilance regarding regulatory compliance and environmental impacts, representing both a risk and an opportunity for proactive entrepreneurs.
