Oman Investment Authority (OIA), the sovereign wealth fund of the Sultanate, has signed a Memorandum of Understanding (MoU) with the Government of the Tanzanian island, Zanzibar, to study the feasibility of a project to rehabilitate, develop and operate the Malindi Tourist Port in Kenya.
Further, the MoU will explore the possible development of the waterfront and the transfer of commercial activities from the current port to the new port of Mangapwani in Tanzania. The initiative is part of OIA’s vision to diversify its global investment portfolio and support promising investments in strategic sectors.
In line with the agreement, OIA will also examine plans for a new commercial and industrial port project that includes all basic facilities in the Mangapwani suburb of Zanzibar Island, which is about 25 km from the current port of Malindi.
The proposed commercial and industrial port will include a jetty for cargo, warehousing and storage facility, and dedicated facilities for the processing and storage of fish for export. The project will cover an area of 3 million square meters in the first phase, with a further 1.5 million square meters added in the second phase.
The MoU will also study the redevelopment of the old port of Malindi and its associated facilities. Constructed in 1920, it currently serves as the main gateway for the handling of imports and exports to and from the island.
By developing a tourist port and passenger terminal on a 10-hectare site, the modernized tourism port will hold a key position in facilitating safe passenger transportation to and from the island in line with maritime safety requirements.
Commenting on the agreement, Mr. Sami bin Abdullah al Sinani, Senior Director of Logistics and Infrastructure at OIA, said the MoU aims to optimize the beneficial impacts for Oman from the Belt & Road Initiative (BRI), which links a number of ports in Asia and Africa. It will also build on Oman’s relations with East Africa, which is one of the most economically promising areas and carries investment opportunities.
