Oman: ASAAS unveils construction management arm
The newly formed subsidiary will be responsible for the management and execution of ASAAS’ real estate development projects
Muscat National Development and Investment Company (ASAAS) established a 100% owned construction management company named Kayan.
The newly formed subsidiary will be responsible for the management and execution of ASAAS’ real estate development projects, starting with the recently announced $38.9m (OMR15m) Hilton Garden Inn Muscat in Al Khuwair.
Eng Khalid Al Yahmadi, ASAAS CEO, said: “Oman’s real estate industry has witnessed significant growth over the past five years, a trend that is expected to continue as a result of the government’s focus on sources of income and developing the tourism and transportation industries.
“Against this promising backdrop, our aim at ASAAS is to build a very strong asset base over the next ten years through direct investments that will support the development of real estate projects. Kayan will also provide the added benefit and flexibility of liaising directly with the various construction companies working on ASAAS projects.”
Over the next three years, Kayan will dedicate its resources for ASAAS projects before expanding its portfolio both locally and regionally.
In line with ASAAS’ value creation business model, Kayan is envisioned to play a leading role in building local capacities and capabilities, generating business and employment opportunities for Omanis within the construction industry.