Oman Cables Invests $4.9M in OAPIL to Fund Suhar Facility Establishment
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Erkan Aydogdu, Oman Cables CEO
Oman Cables Industry SAOG, a major cable manufacturer headquartered in Muscat's Al Rusayl Industrial City, has announced a RO 1.9 million investment into its subsidiary, Oman Aluminum Processing Industries SPC (OAPIL). Approved by the Board of Directors, the investment is expected to yield a 75% internal rate of return (IRR) over three years, as disclosed in a filing with the Muscat Stock Exchange (MSX).
This funding will support the construction of a cutting-edge production facility in Suhar dedicated to manufacturing advanced composite core conductors. These high-tech conductors are designed to improve energy grid capacity, reliability, and resilience, contributing to the global push for sustainable energy.
Chairperson Cinzia Farisè emphasized that the project will not only expand OAPIL’s operations but also boost profitability and diversification for Oman Cables. The new Suhar facility is set to enhance Oman Cables' footprint in international markets, particularly within the fast-evolving energy infrastructure sector.
Founded in 2008, OAPIL has been instrumental in Oman’s aluminum and electrical transmission sectors, now reaching over 45 countries. This investment is set to further Oman’s industrial capabilities while supporting global energy transition initiatives. Oman Cables will provide updates on this venture’s progress as the company continues to pursue emerging opportunities in the energy sector.
Source: Qasim Al Maashani / Oman Daily Observer
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