MDO announces strategic partnership Synergies Casting Oman

MDO announces strategic partnership Synergies Casting Oman

Minerals Development Oman (MDO), an affiliate of Oman Investment Authority (OIA), has established a strategic partnership with Synergies Casting Oman (SCO), which is set to start commercial operation of its alloy wheel manufacturing plant in Suhar Industrial Estate in Q1 2022. As part of the partnership, MDO is acquiring a 14.8 per cent stake in Synergies Casting. Set up with an investment of RO 42 million, the Suhar plant has a capacity to produce 1.2 million tons of alloy wheels. It is the first plant of its kind in the Sultanate of Oman that makes high-end aluminum alloy wheels for automobiles. The project's shareholders also include Oman Development Fund, Synergies Casting India, Sultan’s Special Force Pension Fund, Al Jeel Al Saeid for Business, and Sohar International Bank. As part of the shareholding agreement, MDO hired 100 Omanis in a number of technical and administrative jobs within Synergies Casting, thereby increasing the Omanisation to 58 per cent. SOC is also targeting even higher Omanisation rates that will be achieved in the future. MDO’s CEO, Eng Nasser al Maqbali said: "This is an important milestone that MDO is closing the year 2021 with. Recruiting Omani talent, as well as boosting the Omanisation