An Iran-Oman joint venture to manufacture cars in the Sultanate will start operation after one year, according to a senior official of Iran Khodro Industrial Group. Saeed Tafazoli, deputy president, export and international affairs at Iran Khodro Industrial Group, said that a joint venture formed to start assembling cars in Duqm will start production of 10,000 cars in the first phase, which will be scaled up to 20,000 units in the second phase. In late January, an Omani sovereign wealth fund signed an understanding with Iran’s biggest automaker, Iran Khodro Industrial Group, to study a proposal for a USD200 million auto plant in Oman. (Times of Oman)