Al Siraj and Tata form a joint venture
MUSCAT, June 11, 2015 – Omani business group Al Siraj Holdings announced yesterday that it has signed a joint-venture agreement with Tata Projects, the construction subsidiary of Indian multinational conglomerate Tata Group.
The deal will see Al Siraj provide quality inspection services for hydrocarbons and other energy projects in Oman. Tata Projects will perform technical expertise, systems and process services.
“As a technology savvy and entrepreneurial corporate house, we have been at the forefront of introducing new methods and world-class practices to Oman. This venture with Tata Projects will enhance our service offerings and would help raise quality compliance standards across various industrial sectors in Oman,” Chairperson of Al Saraj Holdings Budoor Mohamed Rashid Al Araimi told reporters at the signing.
Oman has faced developmental challenges due to the drop in oil prices. The government went from having a surplus of around $350 million last year, to a deficit of $6.47 billion in 2015.