Oman Cables makes strategic move with USD$4.94 million investment in OAPIL, promising sustained growth

Oman Cables Industry SAOG, a premier cable manufacturing company based in Al Rusayl Industrial City, has committed an investment of RO 1.9 million (USD$4.94 million) into its subsidiary, Oman Aluminium Processing Industries SPC (OAPIL). This strategic initiative, approved by the Board of Directors, is expected to yield a 75 per cent internal rate of return (IRR) over three years, according to a recent filing with the Muscat Stock Exchange (MSX).

The substantial investment will facilitate the establishment of a cutting-edge production facility in Sohar to manufacture advanced composite core conductors. These innovative conductors are designed to enhance energy grids' capacity, reliability, and resilience, supporting the global shift towards sustainable energy solutions.

Cinzia Farisè, Chairperson of the Board of Directors, highlighted the project's potential to broaden OAPIL's operational capacity and enhance Oman Cables' profitability and market diversification. This new facility will reinforce the organisation's presence in the international arena, especially within the rapidly expanding energy infrastructure sector.

OAPIL, founded in 2008, has established itself as a significant player in Oman's aluminium and electrical transmission markets, expanding its footprint to over 45 countries. With this latest investment, the company aims to strengthen Oman's industrial infrastructure further, contributing to the Sultanate's long-term efforts to support global energy transitions.

Oman Cables confirmed it would update the project's progress as it positions itself for emerging opportunities within the global energy landscape.

Image credit: QAPIL website

Information credit: Oman Observe