Port Contract Close-out
Duqm IP2 reached operation without adding a new marine-works package
Serka International; exact Duqm Port IP2 construction workfront
AIIB's completion and evaluation records expose an unusually complete contract close-out for Duqm IP2: Serka-MSF, Contract C66/2016, an OMR 107.33 million original value, an OMR 12 million settlement, December 2020 completion and USD 292.95 million of actual total project cost.
The commercial and delivery record is now reconciled
AIIB controls the close-out figures, dates, quality tests, joint-venture parties and no-marine-works boundary. OPAZ names the Serka-MSF JV and award value. Serka provides exact workfront dimensions. Port of Duqm controls the current operating, landlord and port-configuration context. The cited records do not disclose ownership percentages, and the evidence does not support assigning IP2 any dredging, reclamation, breakwater or new-quay scope.
A major port contract can be marine-adjacent without marine works
The record is a strong package-boundary test. IP2 delivered roads, yards, utilities, buildings and crane tracks on an already-reclaimed platform behind already-built quays. Counting its full cost as dredging, reclamation or quay construction would overstate the marine market, while omitting it would miss a major port fit-out and operating-integration contract.
Evidence conclusion
Contract close-out is complete with operating outcomes under watch
IP2 should be treated as completed civil and terminal infrastructure with an open operating-performance watch. The original contract, claim settlement, actual total project cost and loan disbursement are separate values. The 18-month delay is attributable across ground conditions, owner changes, cyclones and COVID-19 rather than one unsupported cause. AIIB's 2025 review confirms operational handover and material traffic growth but also says throughput and revenue remain below forecast. That makes private-operator transition, equipment acceptance and the 2026-2030 business plan more decision-relevant than any attempt to invent a downstream dredging subcontractor.
Outstanding evidence
- Private-terminal operator transition
- STS and yard-equipment acceptance and ownership
- Current vessel calls, freight and container throughput
- Dwell-time and revenue performance
- Maintenance, automation and expansion awards
- Final adjusted contract value, if publicly disclosed
Subject index
Related subjects
These subject pages bring together related projects, technical articles, reports, and evidence methods.
Sources used 5
- Project Completion Note: Duqm Port Commercial Terminal and Operational Zone Development Asian Infrastructure Investment Bank, 3 November 2023
- Project Learning Review: Duqm Port Commercial Terminal and Operational Zone Development Asian Infrastructure Investment Bank, March 2025; published 19 June 2025
- SEZAD signed a second package of Duqm Port Special Economic Zone at Duqm, 13 November 2016
- Construction of Roads, Infrastructure and Buildings at the Port of Duqm Serka International, Project page reviewed 3 August 2026
- About Port of Duqm Port of Duqm Company, Current page reviewed 3 August 2026