Daewoo sells stake in Duq'm Development Co
Firm sells 50% share in developer of Duqm Frontier Town project
Daewoo Shipbuilding & Marine Engineering (DSME) has sold its 50% share in Oman's Duqm Development Company to Oman Drydock Company.
Duqm Development Company was set up in 2010 as a joint venture between Daewoo, which had worked on construction of the city's Port and Dry Dock, and government-owned tourism body Omran.
The sale, which was finalised yesterday when a deal was signed between Oman Drydock Company chairman Sheikh Dr. Abdul Malik bin Abdullah al-Hinai and DSME director Gap-Jung Kim.
The deal means Duq'm Development Co is now 100% Omani-owned.
The company was created to oversee the development of phase one of Duq'm Frontier Town, the first masterplanned community within the Special Economic Zone created around the new port.
The first phase, containing 94 villas and 250 flats alongside a sports hall, tennis courts, pools, restaurants and shops, was completed in August last year by contractor Bahwan Contracting Co.
The project won Residential Development of the Year at the Construction Week Oman Awards 2014, at which deputy CEO Ibrahim Sultan Alhosni told us preparation for the start of phase two works was already underway.
"That is around 500 units with mall, hypermarket, school and hospital. It will take around two to three years to complete," he said.