Oman-UK venture wins $331m airport contract
Muscat, July 5, 2011
A consortium comprising Oman Investment Corporation (OIC) and the UK-based Ultra Electronics has won a RO127.5 million ($331 million) systems integration project at the Muscat and Salalah airports.
OIC, a leading private equity investment firm with investments in oil, gas, petrochemicals, manufacturing and services industries, said the duo will establish a new company 'Ultra Middle East' based in Oman to execute and manage the project.
The scope of the contract covers the supply of all electronic infrastructure, including installing Ultra’s airport IT systems, IT networks, communications and security systems at both airports.
Muscat and Salalah airports are being developed to be capable of handling 48 and 10 million passengers per annum, respectively. The development of these airports has been commissioned by the Omani Ministry of Transport & Communications.
As per the contract agreement, Ultra Middle East will act as the master systems integrator for new terminals at Muscat and Salalah airports, said the UK-based Ultra, a global provider of advanced airport IT solutions.
OIC will have 30 per cent shareholding in the new venture, said Kalat G Al Bulooshi, chief executive officer of Oman Investment Corporation.
'We are creating an Omani business which will enable the execution of the airport project and similar long term operations and maintenance support for this project as well as for projects in other GCC countries. We will be creating a new value added company utilizing high calibre Omani human resources,' he added.
On the project win, Al Bulooshi said: 'This recognises our ability in attracting and bringing international partners and expertise to Oman such as Ultra Electronics with a leading track record in developing and supplying electronic infrastructure.'
Rakesh Sharma, chief executive of Ultra, said: "We have assembled a world-class team of companies that complement the IT systems and software that Ultra has developed over recent years.'
'This award is another example of Ultra’s ability to team internationally and reach up the supply chain to deliver innovative solutions to customers’ requirements,' he added.
Ultra Electronics, he said, was an internationally successful defence, security, transport and energy company with a long, consistent track record of development and growth.
Al Bulooshi said this new Ultra partnership will transfer know-how and technology to Oman. 'Together with our partner, Ultra, we are confident that we will be able to deliver the project successfully,' he stated.
Al Bulooshi pointed out that the new venture will create around 450 jobs during the project execution phase and award around 50 per cent of the contract value (RO 50 million) to local Omani companies.-TradeArabia News Service
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