Foundation work begins on Oman's $130m Barka Marina
Phases 1 and 2 of Barka Marina will open in 2021, with the final stage to open in 2022
Oman has laid the foundation stone for its Barka Marina project, a 11.5ha development that is valued at $130m (OMR50m). As part of the construction programme, deep foundations in commercial areas of the scheme are 70% complete.
Located on a land plot spanning 134ha, the project has a building area of 10.5ha, of which 4ha is leasable space for 450 planned commercial units. Stages 1 and 2 of the project will open by 2021, with the third phase due to be ready in 2022.
Service, commercial, tourist, and entertainment facilities will be developed within Barka Marina.
Sheikh Hilal bin Said al-Hajri, governor of South Al Batinah, attended the foundation stone ceremony with Dr Hamad bin Said al-Oufi, undersecretary of the Ministry of Agriculture and Fisheries. Nasser bin Salim al-Siyabi, executive vice president of Falcon Investments, also attended the event, according to ONA.
This July, a report by BMI Research stated that Oman’s construction sector would grow faster than its regional counterparts, expanding by 10.4% in 2018 and 11.5% in 2019. This is higher than the regional growth average of around 7% predicted for each year.
However, the Omani construction sector’s output dropped by 12.6% in Q1 2018, despite an increase in the sultanate’s gross domestic product (GDP) for the period. Oman’s GDP grew by 6.5% in Q1 despite output declines posted by the construction and service sectors.