Oman: Aqar granted rights for $1bn Duqm project
The agreement comes as a part of the SEZAD´s efforts to encourage Omani investors to invest within the Sultanate
The Special Economic Zone Authority in Duqm (SEZAD) granted Al-Khonji Real Estate & Development (AQAR), the usufruct rights to construct a tourist project that includes hotels, residential and commercial complexes, and a recreational park.
The usufruct agreement was signed, on behalf of SEZAD, by its chairman, Yahya bin Abdullah al-Jabri, and by Mohammed bin Abdullah al-Khonji, chairman of the board of directors and CEO of AQAR.
The agreement comes as a part of the SEZAD´s efforts to encourage Omani investors to invest within the Sultanate, and in accordance with the efforts of the government to diversify the national income and identify rewarding investment opportunities to the national private sector.
As per the agreement, AQAR was granted the usufruct right to develop a land area of approximately 66.1ha to construct a tourist and real estate project, with a total cost of $1bn (OMR390m).
Executed in a number of phases, it is expected that the project will create almost 4,000 direct jobs when it is completed.
According to the company statement, the first phase will include the construction of a three-star hotel, which is expected to be finalised in the first quarter of 2019.
The project also includes the construction of a commercial complex, villas and residential units, to be offered to both local and foreign investors, hence becoming the first project with units offered for sell in the SEZAD.
According to the master plan, the recreational park will be finalised by 2020, and the health complexes by 2022.