(Yicai Global) Dec. 16 -- State Grid Corporation of China is set to take a 49 percent stake in Oman's state-owned electricity transmission company in what is said to be the single largest investment by a Chinese company in the Middle Eastern country to date.

State Grid bought the stake in Oman Electricity Transmission from Electricity Holding Company, or Nama Holding, a unit under the nation's finance ministry. The deal was signed in the Omani capital of Muscat on Dec. 15, the Beijing-based company said on its website today, without disclosing the value. State Grid aims to help the firm develop its operational capabilities and provide a reliable power supply to Oman's population and businesses, it added.

Oman's finance ministry launched a privatization program in October 2018 to sell the stake through a public tender. State Grid won the bidding last month. China's main power network operator began investing abroad in recent years. So far, it has interests in backbone power transmission networks in Italy, Portugal, Greece, Australia, Brazil as well as other countries and regions.

State Grid will give full play to its comprehensive advantages in technology, management, construction, capital and other areas, and join hands with its partner to improve the safe operation and resource allocation capacity of Oman's grid, General Manager Xin Baoan said at the signing ceremony.

Nama will take charge of the investment, construction, operation and dispatch of Oman's national power distribution network, and integrate it into the Gulf's inter-connected grid by linking up with the United Arab Emirates.