Omani property investment firm, Al Khonji Real Estate & Development (Aqar) has inked deals for the lease of land in Duqm Special Economic Zone for the construction of a mixed-use development at an investment of $1.09 billion. The project, which will boast of key tourism, residential, commercial and retail facilities, will be constructed in multiple phases. 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. Aqar is already a well-known name in the country, having delivered a number of commercial and real estate projects in Muscat. 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. As per the master plan, the amusement park will be added to the development the next year, while health complexes are planned by 2022.
Image source: duqm.gov.om