01 August 2016

Property investment firm Al Khonji Real Estate and Development (Aqar) has inked deals for the lease of land in Oman’s Duqm Special Economic Zone for the construction of a mixed-use development at an investment of RO390 million ($1.09 billion), said a report.

The project, which will include key tourism, residential, commercial and retail facilities, will be constructed in multiple phases, reported the Oman Observer.

Under a usufruct agreement concluded with the Special Economic Zone Authority in Duqm (Sezad), Aqar will acquire a 661,000-sq-m plot for this project.

The Omani developer is a well-known name in the country, having delivered a number of commercial and real estate projects in Muscat, notably the Rimal One, Rimal Two and The Office developments.

Its upcoming project will include a mix of hotels, villas, residential units, commercial complexes and an amusement park.

In the first phase, a three-star hotel is being planned by Aqar which will be likely completed in the first quarter of 2019 followed by commercial and residential units. 

The amusement park will be added to the development the next year, while health complexes are planned by 2022.

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