Oman’s Al-Khonji Real Estate & Development LLC (AQAR) has been given the right to construct a touristic project at Duqm that includes hotels, residential and commercial complexes, and an amusement park.
The Special Economic Zone Authority in Duqm signed a usufruct agreement with the company as part of the authority’s effort to encourage more Omani nationals to invest in the Sultanate, according to the Oman Daily Observer.
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 metres to construct a touristic and real estate project to be executed in numerous phases, with a total approximate cost of $10 million (OR390 million).
The project is expected to create nearly 4,000 direct jobs upon completion.
Developed in multiple phases, the first phase will include the construction of a 3-star hotel , expected to be finalised 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, becoming the first project with units offered for sale in the Special Economic Zone in Duqm.
According to the master plan, the amusement park will be finalised by 2020 and the health complexes by 2022.
