Madayn and Seedan Group agree $120m Oman construction plan
Housing and commercial projects will be built in Muscat, Rusayl, and Samail as part of Shumookh and Sadeen's EPCF deal
Shumookh Investment and Services and Sadeen Group have signed an engineering, procurement, construction, and finance (EPCF) deal to build offices and housing in three industrial Omani cities.
As the investment arm of developer Madayn, Shumookh Investment and Services’ deal will see Sadeen Group kick off construction work for tech start-up incubator Knowledge Oasis Muscat, Al Rusayl, and Samail, all of which are industrial cities managed by Madayn.
The EPCF package includes building an undisclosed number of projects over the next three years across areas of land covering more than 16ha.
These projects have a total estimated development value of $120m (OMR46.1m), according to the state-run Oman News Agency.
The agreement was struck to reportedly meet the development requirements of the industrial cities in Oman that Madayn manages and operates. These cities include Al Rusayl, Rayset, Suhar, Al Buraimi, and Knowledge Oasis Muscat.
Each site has a different function and purpose. Al Rusayl, for example, is a hub with hundreds of businesses operating in areas such as building materials, chemicals, and stationery.