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Rosland noted that Oman's existing public private partnership law had attracted investments including in special economic zone development while several big infrastructure projects in Qatar were speeding up for the FIFA World Cup 2022.
As for the United Arab Emirates, Rosland said the kingdom possessed resilient fundamentals with infrastructure development towards the World Expo in Dubai.
Apart from countries in the Middle East, the company is also expanding to new markets in the Maldives, China and Singapore.
Prospects of SCIB’s overseas markets. As previously mentioned, one key target market for SCIB is the Middle East, having already secured some contracts in Qatar and Oman. Outside the Middle East, SCIB is also targeting Indonesia.
In Qatar, one biggest catalyst would be the World Cup 2022, where the state has been reportedly spending USD500m per week on capital projects. In total, the state is expected to spend USD200b in preparation for 2022. This is on top of other surrounding infrastructures, such as residential and commercial areas, roads, airports and hospitals to accommodate the global sporting event. While most of the direct tenders related to the World Cup event have already been awarded out, SCIB could still participate in sub-bids and other private-sector developments that are being pushed in tandem of 2022.
Meanwhile for Oman, the sleepy port town of Duqm has been gazetted as a special economic zone. The state has the ambitions of making the town one of the largest economic projects in the Middle East and in the world, with a generous land space of 2,000 square kilometres. Currently, a slew of Chinese firms have already poured in billions worth of investments into the region, seeing this as a greater extension of the Belt and Road initiative.
In Indonesia, the relocation of its capital from Jakarta to East Kalimantan is reported to cost a total of USD33b in new developments. With East Kalimantan being also in the Borneo islands and in close proximity of Sarawak, SCIB could also gain a somewhat geographical advantage in new opportunities there.
Moving forward, SCIB said it would tap onto its new management team with extensive experience in the domestic and international market to gradually become a multinational company capable of competing internationally.
