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Oman Investment Corporation Consortium wins RO127.5m airport project

Oman: Tuesday, July 05 - 2011 @ 17:15

Oman Investment Corporation is a leading private equity investment company in Oman with investments in oil & gas, petrochemicals, manufacturing and services industries.

Ultra Electronics is an internationally successful defence, security, transport and energy company with a long, consistent track record of development and growth. Ultra is a global provider of advanced airport IT solutions.

The two companies will establish an Oman based LLC Company “ULTRA Middle East” to execute and manage this project. OIC will have 30% shareholding in this company. Eng Kalat G. Al Bulooshi, CEO of Oman Investment Corporation said, “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.”

Eng Kalat Al Bulooshi added, “We are pleased to have been selected by the Omani government to develop this vital project. The award of this project 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. This 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”.

Subject to the final contract agreement, Ultra Middle East will act as the master systems integrator for new terminals at Muscat and Salalah airports.

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.

Rakesh Sharma, Chief Executive of Ultra, commented: “I am extremely pleased that Ultra has been selected for this prestigious airport systems contract in Oman. 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.”

Furthermore, Eng Kalat Al Bulooshi added “Ultra Middle East will be creating around 450 jobs during the project execution phase and will be awarding around 50% of the contract value (OR50mln) to local Omani companies.”

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Tuesday, July 5- 2011 @ 17:15 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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