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Oman-based Mazoon Dairy Company has awarded a RO28 million ($72.4 million) construction contract to Al Adrak Trading and Contracting for its upcoming dairy project in Buraimi region, said a report.
The dairy, being built at a cost of RO100 million ($258 million), is set to become the biggest such project in the sultanate, reported the Times of Oman.
Work will start next month and the project is due for completion in the third quarter of 2018, it stated.
The scope of work includes construction of main dairy farm, feeding centre, milking parlous, staff accommodation, office buildings, utilities and connecting roads.
Starting from an initial herd of 4,000 Holstein-Friesian cows, the farm will have 25,000 cattle by 2026, said the report.
The company anticipates that the first of the initial phase of 4,000 cows will start arriving at the farm in early 2018, while the project will start production by the third quarter of 2018, it added.
Backed by the Oman Food Investment Company alongside government pension and investment funds, Mazoon Dairy will provide home-produced dairy and juice products.
Mazoon Dairy’s product range will cover a diverse mix of dairy and juice products, including milk, yoghurt, laban, cheese, ice cream and juices, said the report.
The project is being funded through a RO50-million equity and a RO50-million loan provided by Oman Arab Bank, it added.
According to estimates from Thomson Reuters, Middle Eastern investment banking fees totalled an estimated $669.2 million during the first nine months of 2017, four per cent less than the value of fee
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