The Omani property investment firm Al Khonji Real Estate and Development (Aqar) has engaged in a deal to lease land in Duqm Special Economic Zone to construct a mixed-use development with an investment worth RO390 million ($1.09 billion).
The diverse project will deliver touristic, residential, commercial and retail facilities and will be built over 661,000 square meters. The project will also be home to an amusement park to boost the country’s tourism sector.
The project’s first phase is said to include a three-star hotel, it should be completed by the first quarter of 2019, followed closely by the commercial and residential units. The amusement park will be added in 2020 and health complexes in 2022. Once completed, the project is expected to create 4,000 jobs.
Aqar group is well-established in Oman, having delivered notable projects in Muscat such as Rimal 1, Rimal 2 and The Office developments. The agreement with Aqar complements the efforts that the Special Economic Zone in Duqm is focused on, encouraging Omani investors to turn to Duqm to diversify income sources and persuade the private sector to expand its part in Oman’s economic development.