Sezad attracts US$ 1.76 bn investments for real estate and hospitality projects

Posted on 3rd March 2017

Oman's Special Economic Zone Authority in Duqm (Sezad) had last year attracted a record RO681 million ($1.76 billion) in investments for major real estate and hospitality projects, said a report.

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This underscores the emerging industrial hub’s strong appeal as a tourism destination as well, reported Oman Observer.

In contrast, industrial investments totaled around RO187.6 million ($487 million) during the year, stated the report.

However, the figure does not include potentially sizable investments likely to pour into an ambitious Chinese Industrial City, a usufruct agreement for which was signed last year, it added.

In all, 13 usufruct agreements were signed last year for various hotel, resort, hospitality and real estate developments at the SEZ, according to the report.

Among these, the most prominent one was a RO390 million ($1.09 billion) mixed-use project backed by well-known developer Al Khonji Real Estate Development Company (Aqar) which boasts substantial residential and commercial components, it stated, according to Tradearabia news report.

Marina Duqm, a subsidiary of Golden Group of Companies, too has signed agreements to invest around RO283 million in a waterfront development involving hotels, residential complex, mall, water park and entertainment centre, the report added.

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