Muscat: Gulf International Chemicals said that it has formed a subsidiary company — Alpha Engineering & Contracting — in partnership with a European company in March this year.
Alpha Engineering & Contracting has a paid up capital of OMR150,000. The subsidiary company imported the necessary equipment and prepared the required materials for the start of operations.
However, it was not possible to start operations due to the restrictions on issuing new expatriate labour clearances for the construction companies for six months by the Ministry of Manpower, said a disclosure statement posted on Muscat Securities Market (MSM) website.
Since there are no local trained workers in company's specialised activities, the subsidiary company was not able to start its operations.
The company's management is seeking to find a solution to be able to offer its services to the local market and generating revenue for the period until the end of the cessation of labour clearances under the ministerial decision, which expires in October 2014. This, in turn, will enable the company to carry out its activities.