Investcorp, a leading alternative investment firm, has announced a significant $550 million investment in the expansion of the Port of Duqm in Oman. This strategic move is part of a broader initiative to develop the port into a multipurpose hub that supports Oman's economic diversification and sustainability goals. The investment, made through Investcorp Aberdeen Infrastructure Partners (AIIP), aligns with Oman's Vision 2040, aiming to reduce the country's reliance on oil revenues and transition towards a low-carbon economy.

The Port of Duqm, strategically located on Oman's coastline with direct access to the Indian Ocean, is set to undergo extensive marine infrastructure works, including dredging and the construction of a new quay wall. These developments will facilitate the establishment of a new low-carbon industrial plant within the Special Economic Zone at Duqm, focusing on the production of low CO2 iron metallics products and, ultimately, hydrogen-powered 'green steel'. This initiative underscores Oman's commitment to sustainable infrastructure development and its ambition to produce at least 1 million metric tons of renewable hydrogen annually by 2030.

Investcorp's investment in the Port of Duqm expansion was secured through a competitive process, highlighting the firm's strategic focus on long-term concessions and partnerships in the GCC and MENA regions. The project is a collaboration between AIIP, the Port of Duqm Company, the DEME Group, and Port of Antwerp Bruges, forming a consortium named CAP INFRA. This partnership not only enhances the port's capacity as a crucial gateway for global trade but also positions it as a key player in the emerging green steel market.

The expansion of the Port of Duqm represents a pivotal step in Oman's economic diversification and sustainability efforts. By investing in infrastructure that supports green industries, Oman is paving the way for a future dominated by renewable energy and advanced logistics. Investcorp's involvement in this project reflects its confidence in Oman's strategic vision and its potential to become a leader in sustainable development within the region.

The Central Bank of Ireland has concluded a long-running inquiry into the Irish Nationwide Building Society (INBS), resulting in significant penalties for former executives. John Stanley Purcell, a former board member, has been fined €130,000 and banned from the financial sector for four years due to his role in the society's governance and risk management failures. The inquiry highlighted a period between 2004 and 2008 where INBS's commercial lending practices were found to be lacking in oversight and adherence to financial regulations.

During the years under scrutiny, INBS's commercial loan book expanded dramatically from €3.59bn to €8.18bn, with commercial loans making up 78% of its total loan book by the end of 2008. The Central Bank's report detailed a culture of high-risk lending, where large sums were disbursed without proper documentation, adequate security, or necessary approvals. This reckless approach to lending was a significant factor in the society's eventual collapse during the financial crisis.

The inquiry also shed light on the broader systemic failures within INBS, including a lack of adherence to its own credit risk management policies and the absence of annual credit risk stress tests for commercial lending. Louise Gallagher, the Central Bank's head of enforcement investigations, emphasized the discovery of a pervasive culture that prioritized high-risk lending over sound financial practices. The findings underscore the importance of robust governance and risk management frameworks in financial institutions.

In addition to the penalties imposed on Purcell, the Central Bank's inquiry has led to settlements with other former INBS executives, including disqualifications and fines. The total cost of the investigation and inquiry into INBS's regulatory breaches amounted to over €24m, spanning 15 years from 2010 to 2025. This case serves as a stark reminder of the consequences of failing to uphold financial regulations and the critical need for accountability in the banking sector.