Oman's Sarooj and Towell to build $120m Iran mall
Both Omani firms hold a 50% stake in the $120m commercial complex, due to be developed in Iran's Kerman city
The Sultanate of Oman is funding an "iconic commercial complex", worth millions of dollars, in Kerman, an ancient city southeast of Iran, it has been revealed.
Sarooj Pars Complex will be constructed adjaced to the old bazaar in Kerman.
Director of Oman's Sarooj Construction Company, Simon Karam, said the total project is worth $120m, excluding the land price.
Sarooj is the prime developer on the project.
The complex's total built up area will span 6ha.
Karam said the company has partnered with WJ Towell in Oman, with both firms holding equal stake in the project.
“Currently, we hold a 50% share, and WJ Towell also holds a 50% share,” Karam told local daily Times of Oman.
"There is a lot of interest from Omani investors who want to join us, and we do not mind squeezing ourselves to make room for others,” he added.
Karam said the the project was proposed by Iran's Kerman Municipality and Mayor's Office.
“Practically, it is a joint project between them and our group.”
The ground-breaking ceremony for the project was held recently in Kerman and was attended by a number of officials, including Saud bin Ahmed al Barwani, the Sultanate’s ambassador to Iran.
Karam admitted there are infrastructural challenges associated with the development.
“Like in other old cities in Asia, the heart of the city is getting congested," he said.
"There is no parking or proper roads and infrastructure. So the municipality decided to acquire around 300 properties located on the site to pave the way for the development of the project,” Karam said.
The complex has been designed by the Iranian company ATEC, Karam said, adding that a passageway will connect the new complex to the old bazaar.