Muscat, November 15, 2020: Khazaen Economic City briefed members of the Oman Real Estate Association (ORA) on the key investment opportunities and facilities being offered at Oman’s newest integrated business hub, with a strong focus on logistics, warehousing, light and medium industries and commercial sectors in the City that being developed in Barka, South Al Batinah Governorate.
Addressing representatives from the real estate community at an event held at the JW Marriott Muscat in Madinat Al Irfan on Wednesday of the last week. Khalid Al Balushi, CEO of Khazaen Economic City said: “I am delighted to present to you some of the key investment opportunities being currently offered by Khazaen for various investors in the new economic city. We have completed the first phase of the infrastructure development and continue to attract local and foreign investment to the new economic city in Oman”.
“I complement the Oman Real Estate Association on the pioneering work it has been doing over the past eight years in raising standards through the pursuit of best practices, transparency initiatives and reforms. As a major player in the development of Oman, the association can play a key role in bringing investment to Khazaen and I am sure it is a win-win situation for all,” Al Balushi briefed the audience during the business gathering.
Al Balushi said the first phase of the City will include key projects such as Oman’s first dry port, The Central fruits and Vegetable Market, the Auto Market and logistics and industrial complexes. He invited the real estate community of Oman to consider the various offerings of Khazaen so that they could be among the first to benefit from this landmark project.
During the meeting, the ORA representatives showed keen interest in the various components of Khazaen Economic City and asked questions about various aspects of investment and real estate opportunities.
Mr. Hassan Mohammed Al Lawati, Chairman of ORA commented: “We are excited by the magnitude of Khazaen Economic City. As an association that is very closely linked to the development of Oman, we would be extremely happy to help boost investment into this landmark project that promises to take the economic development of the country to the next level. We look forward to closer interaction between the management of Khazaen and members of ORA in the future.”
Earlier this year, Khazaen has rolled out a package of incentives to stimulate further investments despite the challenges posed by the COVID-19 pandemic. These incentives include exemption from rental fees for certain periods and waiver from some administrative fees. Investors and companies interested in investing in Khazaen have still the opportunity to avail for these benefits until the end of 2020.
The completion of first phase opens up 3.2 million sqm of leasable land areas. This development phase is complemented by a supporting infrastructure that includes a 9.2 km internal road network, a 22km water supply system and 15km of water drainage channels, with 5,000 cubic meter water tank and 3.3 km pipeline crossing ducts for future services besides other supported facilities.
Khazaen is the largest public-private partnership (PPP) project in the Sultanate of Oman and is already attracting various developers, investor and tenants. The mega project is an important milestone that will support the country’s logistic vision and provide attractive and efficient services to the market and it is considered a key link between various cargo outlets and economic zones across the regions.
Khazaen enjoys a strategic location; close to the capital city of Muscat, only 30 minutes away from Muscat International Airport and around two hours from Sohar Port. The massive integrated economic city will be home to Oman’s first dry port, besides multi-mix residential units, entertainment facilities, retail outlets, international schools and modern health care centers – creating a community where all residents can work, live and play.