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.

Alexander Dennis, a subsidiary of NFI Group Inc., has announced a consultation on a new strategy for its UK manufacturing operations, which could see the consolidation of its bus body manufacturing into a single site in Scarborough, England. This move would result in the discontinuation of its Scottish-based manufacturing in Falkirk, placing approximately 400 roles at risk of redundancy. The company cites the need to adjust to changing market dynamics and improve efficiency as the primary reasons for the proposed changes.

The announcement has sparked criticism from political figures, including Andy Burnham, the Labour mayor of Greater Manchester, who questioned the Scottish Government's commitment to supporting Scottish industry. Burnham highlighted Greater Manchester's investment in Alexander Dennis buses, contrasting it with the perceived lack of similar support from the SNP-led Scottish Government. This has led to accusations of the Scottish Government overlooking local industry in favor of foreign alternatives.

In response, the Scottish Government has expressed concern over the potential job losses and has pledged to explore all options to mitigate the need for redundancies. Deputy First Minister Kate Forbes emphasized the government's ongoing engagement with Alexander Dennis and its parent company, NFI, to understand the issues and seek solutions. The government has also promised support for affected employees through its Partnership Action for Continuing Employment initiative.

The proposed restructuring by Alexander Dennis underscores the challenges facing the UK's manufacturing sector, particularly in Scotland, where the company has a significant presence. The outcome of the consultation will have far-reaching implications for the employees, the local economy, and the future of bus manufacturing in the UK. As the situation develops, all eyes will be on the negotiations between Alexander Dennis, the Scottish Government, and other stakeholders to find a resolution that balances economic efficiency with the preservation of jobs and industry in Scotland.