Economy, Business And Markets

Qeshm Island Eyes $2b Investment

Qeshm Island Eyes $2b InvestmentQeshm Island Eyes $2b Investment

Ghadir Investment Company has announced investments worth $2 billion in in the Persian Gulf island of Qeshm, IRNA reported.

Gholamreza Soleymani, the general manager of Ghadir Investment Company announced the decision in a meeting with Qeshm free zone’s officials and members of Qadir Company’s board of directors on Thursday.

Qeshm is an Iranian island located a few kilometers off the southern coast of Iran (Persian Gulf). The island, which hosts a 300-square-kilometer free zone jurisdiction, is 135 km long, and lies strategically in the Strait of Hormuz.

“Oil, gas, petrochemical, electricity, energy, mining and industries, construction, cement, and transportation” were cited by Soleymani as some areas where foreign investments are to be invited in Qeshm Island.

Soleymani said his company has already invested in steel, oil, and gas sectors in the Qeshm free zone, and secured a deal to generate 540 megawatts of power.

Members of Ghadir Company’s board of directors visited Qeshm Island to assess the economic feasibility of investing on projects in the oil and gas sectors, dock construction and desalination systems in the island.

Ghadir Investment Company  is one of the largest listed companies on the Tehran Stock Exchange (TSE) with a market capitalization in excess of 21,000 billion rials ($765.9 million based on official exchange rate), the parent company of which is Saderat Bank of Iran.