Investcorp to invest in Duqm port infrastructure to drive green steel growth

Investcorp, a global alternative investment firm, has announced that its infrastructure platform, Investcorp Aberdeen Infrastructure Partners (AIIP), will invest in a USD 550 mln marine infrastructure project at the Port of Duqm in Oman. The investment is part of a cooperation agreement with a consortium, CAP INFRA, which includes the Port of Duqm Company, DEME Group, and Port of Antwerp-Bruges.

This marks AIIP's fourth investment, following ADNOC's Project Wave in the UAE and two social infrastructure concessions in Saudi Arabia.

The Duqm project will include dredging and construction of a new quay wall to support a low-carbon industrial plant within the Special Economic Zone. The facility will focus on producing low-CO2 iron metallics and, eventually, green steel powered by hydrogen.

"This investment not only expands port capacity but also accelerates the transition to sustainable steel production," Investcorp said in a statement.

Vulcan Green Steel, part of the Jindal Steel Group, is constructing a green steel plant in Duqm. Scheduled to begin operations in 2027, the facility will produce up to 5 mln tons per year of green flat steel, including automotive and high-strength grades.

In parallel, Brazilian mining giant Vale is also establishing a presence in Duqm with its Green Metallics Mega Hub, aimed at producing low-carbon iron ore concentrates and hot briquetted iron (HBI) for steelmakers across the Middle East.