Usufruct agreement signed to establish Maysan Square Duqm
Oman’s Special Economic Zone Authority at Duqm (SEZAD) and Maysan Properties, an Omani real estate developer, have signed a usufruct agreement to establish a business park under the ‘Maysan Square Duqm’ brand in the Special Economic Zone, it has been announced.
According to a report by the Oman Daily Observer, the project will be developed in five phases, starting from 2021. The first phase will feature three pavilions, it added.
The total cost of developing Maysan Square Duqm will be $111.6 million, and it is expected to create around 500 direct job opportunities. It will be built over an area of 12,000sqm, with 20 buildings that include a commercial complex comprising of shops, restaurants, cafes and offices, the report said.
Furthermore, the project will offer a number of freehold rental apartments, serviced apartments, business hotel, multipurpose hall, and other leisure and retail facilities.
The agreement was signed by Yahya bin Said al Jabri, chairman of Sezad, and Sadiq bin Jaffer bin Sulaiman, CEO of Maysan Properties on behalf of the developer.