Oman- AQAR granted usufruct rights for RO390mn Duqm tourism project

6/27/2016 1:57:16 AM

(MENAFN- Muscat Daily) Muscat-

The Special Economic Zone Authority of Duqm (Sezad) has granted Al Khonji Real Estate & Development LLC (AQAR) usufruct rights to develop a tourism project that includes hotels, residential and commercial complexes, and an amusement park.

The agreement to this effect was signed by H E Yahya al Jabri, chairman of Sezad, and Mohammed al Khonji, chairman and CEO of AQAR.

The agreement comes as a part of Sezad''s efforts to encourage Omani investments within the sultanate, in accordance with efforts of the government to diversify income sources and identify rewarding opportunities for the national private sector.

As per the agreement, AQAR was granted the right to develop the nearly RO390mn tourism and real-estate project, covering an area of approximately 661,000 sqm of land, over phases. The project is expected to create almost 4,000 direct jobs when completed.

According to a statement, the first phase will include a three-star hotel, which is expected to be readied by the first quarter of 2019. The project also includes a commercial complex, villas and residential units, which would be offered to both local and foreign investors, making it the first project with units offered for sale in Sezad.

According to the master plan, the amusement park will be completed by 2020 and the health complexes by 2022.

AQAR has stood out in the past few years as one of the leading Omani companies in the real-estate sector, and had developed various commercial and real-estate complexes in the Governorate of Muscat, most notably Rimal 1 and 2 and The Office.

The tourism sector is considered one of the focus sectors for Sezad, due to the moderate temperatures in the area during summer. And in the past few years, usufruct agreements have been signed for a number of tourism projects in the area facing the Arabian Sea.

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