Muscat: The Oman Investment Authority has signed a memorandum of understanding with the Zanzibar government to study the feasibility of a project to rehabilitate, develop and operate the Malindi Tourist Port.

“The Oman Investment Authority signed a memorandum of understanding with the Zanzibar government, according to which the authority and its subsidiaries will study the feasibility of a project to rehabilitate, develop and operate the Malindi Tourist Port and develop the waterfront, as well as transfer commercial activities from the current port to the new Mangga Pwani port,” Oman News Agency, ONA, said.

Sami bin Abdullah Al Sinani, Senior Director of Logistics and Infrastructure Services at the Oman Investment Authority, said in a statement to the Oman News Agency that the memorandum of understanding aims to maximize the Sultanate of Oman’s benefit from the Belt and Road Initiative, which passes through a group of ports in Asia and Africa, and to build on the historical Omani relations with East Africa, one of the economically promising regions.

He added that the memorandum holds investment opportunities that will contribute to the transfer of expertise available to the Agency and its subsidiaries in order to expand the management of international projects, and to enter into partnerships with investors and international companies that have expertise that can be benefited from by transferring expertise to the projects of the affiliated companies locally.