Daewoo Shipbuilding & Marine Engineering has signed an agreement with the government of Oman to develop tourism in Duqm, a port city about 450 kilometres south of Muscat.
The venture will develop Duqm into a tourism and business area, Daewoo Shipbuilding said in a statement yesterday. The value of the project will be decided at a later date, the Seoul, South Korea-based company said. No details of the development were given in the statement.
Daewoo Shipbuilding, the world's third-biggest shipyard, is turning to new businesses to benefit from increased spending in the Middle East nations.
Economies in the Gulf region will expand 9.2 per cent this year as oil revenue spurs spending on airports, power plants and business parks, according to Morgan Stanley.
Gulf states, including Saudi Arabia and the United Arab Emirates, plan to spend a combined US$1.1 trillion to develop their economies, Qatar Finance Minister Yousuf Hussain Kamal said on March 16. That may help South Korean contractors win record orders for a third year in 2008.
Duqm will become an industrial and tourist area around 2020, Daewoo Shipbuilding said.
The South Korean shipbuilder in 2006 signed an agreement to build and operate a ship repair yard in Oman, which will be the biggest in the Middle East.
Daewoo Shipbuilding rose 350 points yesterday to close at 46,650 in Seoul. The stock has advanced some 20 per cent in the past year, outpacing a 17 per cent climb in South Korea's Kospi index.
The venture will develop Duqm into a tourism and business area, Daewoo Shipbuilding said in a statement yesterday. The value of the project will be decided at a later date, the Seoul, South Korea-based company said. No details of the development were given in the statement.
Daewoo Shipbuilding, the world's third-biggest shipyard, is turning to new businesses to benefit from increased spending in the Middle East nations.
Economies in the Gulf region will expand 9.2 per cent this year as oil revenue spurs spending on airports, power plants and business parks, according to Morgan Stanley.
Gulf states, including Saudi Arabia and the United Arab Emirates, plan to spend a combined US$1.1 trillion to develop their economies, Qatar Finance Minister Yousuf Hussain Kamal said on March 16. That may help South Korean contractors win record orders for a third year in 2008.
Duqm will become an industrial and tourist area around 2020, Daewoo Shipbuilding said.
The South Korean shipbuilder in 2006 signed an agreement to build and operate a ship repair yard in Oman, which will be the biggest in the Middle East.
Daewoo Shipbuilding rose 350 points yesterday to close at 46,650 in Seoul. The stock has advanced some 20 per cent in the past year, outpacing a 17 per cent climb in South Korea's Kospi index.