SEZAD and Maysan sign usufruct agreement for $111m business park in Duqm
122,000sqm business park will consist of 20 buildings, including commercial complex and residential apartments
Oman’s Special Economic Zone Authority at Duqm (SEZAD) and Maysan Properties, a leading real estate developer in the Sultanate, have announced the signing of a usufruct agreement to establish a business park at a cost of $111 million.
Known as Maysan Square Duqm, the business park will be built over an area of 122,000sqm, with 20 buildings that will include a commercial complex, comprising of various shops, restaurants, cafes and offices. In addition, the project will offer a number of freehold, rental apartments, serviced apartments, business hotels, multi-purpose hall and other leisure and retail facilities.
The complex will cover an area of 100,000sqm and will stand on a common base, with a public square. It will be developed in five phases, starting from 2021, with the first phase consisting of the building of three pavilions.
Maysan Square Duqm is expected to offer around 500 direct job opportunities.
The establishment of this project is in line with the ongoing efforts of SEZAD to attract local investments and encourage them to invest in the Zone, a statement said. The agreement was signed by His Excellency Yahya bin Said Al Jabri, chairman of the Special Economic Zone Authority at Duqm (Sezad) and by Sadiq bin Jaffer bin Sulaiman, CEO of Maysan Properties on behalf of the developer.
