30 June 2016
The Special Economic Zone Authority in Duqm granted Al-Khonji Real Estate & Development LLC "AQAR" the usufruct right to construct a touristic project that includes hotels, residential and commercial complexes, and an amusement park.

The usufruct agreement was signed, in the name of the Authority, by H E Yahya bin Abdullah Al-Jabri - Chairman of

the Board of Directors, while it was signed, in the name of the company, by Mr. Mohammed bin Abdullah Al-Khonji -Chairman of the Board of Directors and CEO.

The signing of this agreement comes as a part of the Special Economic Zone Authority in Duqm´s efforts to encourage

Omani investors to invest within the Sultanate, and inaccordance 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, Al-Khonji Real Estate & Development LLC AQAR was granted the usufruct right to develop a land area of approximately 661 thousand square meters to construct a touristic and real estate project to be executed in numerous phases, with a total approximate cost of 390 million Omani rial, and it is expected that the project will create almost four thousand direct jobs when it is completed.   

The project consists of many phases, and according to the company´s statement, the first phase will include the construction of a 3-stars hotel, which is expected to be finalized in the first quarter of 2019.

The project also includes the construction of a commercial complex, villas and residential units, which would be offered to both local and foreign investors, hence becoming the first project with units offered for sell in the Special Economic Zone in Duqm.

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

© Oman Daily Observer 2016