Oman’s biggest sovereign Wealth Fund opens office in Tanzania

March 12, 2015 12:01 am0 comments by:
Dar es Salaam, the commercial capital and largest city in Tanzania.

Dar es Salaam, the commercial capital and largest city in Tanzania.

Oman’s biggest sovereign Wealth Fund, the State General Reserve Fund (SGRF) has opened a new office in Tanzania.

SGRF office was formed in Jan 2015 and legally registered under the name of “Onyx Stone Company Limited”. The new office will be run by Mohamed Al Tooqi as the Country Manager in order to capitalize on the growing opportunities in Sub-Saharan Countries.

Currently, SGRF is putting its weight behind Bagamoyo Free Zone project which is the first SGRF mega investment opportunity in Tanzania.  The Free zone It will have a Port and supporting infrastructure within the Free Zone perimeter as well as supporting infrastructure outside the Free Zone. Al Tooqi said “Tanzania has had a consistent good GDP profile and is likely that it will continue and grow faster. Also, Tanzania is bordered by eight countries whose growth shows a similar trend. From a macro level the Government of Tanzania is getting ready to develop infrastructure to support such a growth”

He added “SGRF and Chinese Partners are busy working on the modalities with the Government of Tanzania. The strategic nature of this investment is really looking at the Southern Corridor of trade that leads to a market made up of eight land locked countries with a population of over 120m people. Having an investment on the gate way and the free zone creates further opportunity for Omani businesses to participate in a transparent one-stop shop effective environment. SGRF will thus achieve not only a long term hold on a good investment but also create a multiple of opportunities for Omani enterprise”

Onyx Stone Company Limited is based in Oyster Bay, Dar es Salaam, Tanzania. The Company will be looking at SGRF’s investments in East African Region. Currently, is pursuing other opportunities such as Mombasa Port (Kenya) and Primefuels Logistics Company (Tanzania).

On the other hand, an official at the Ministry of Transport Tanzania, who requested anonymity, re-confirmed to The Continent Observer that Bagamoyo port project will begin construction on 1st of July as scheduled.

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