Khazaen announces first Omani SME investor
Muscat - Khazaen Economic City LLC (KEC), the master developer of the largest public-private partnership project in the Sultanate, has signed an agreement making Dar Al-Arkan Development Company LLC the first local tenant of the economic city.
As part of the agreement, Dar Al-Arkan Development Company will establish a US$3mn manufacturing facility producing construction chemicals and innovative building products including polyurethane foam, and hydro and thermal insulations.
Khalid Awadh al Balushi, chief executive officer of Khazan Economic City, said, “After announcing the detailed master plan of the city and awarding the first package of infrastructure works, it is clear that Khazaen’s arms are wide open for investors and tenants.”
“With swift access to the worlds main trade routes via the Sultanate’s first-class infrastructure, and offering attractive tax incentives and amenities, Khazaen Economic City is the clear choice for any investor looking to expand their regional presence,” Balushi said.
“Khazaen aspires to be the preferred choice for local and international investors, and today’s announcement shows we are well on our way to realising that goal,” he added.
Dar Al-Arkan Development Company CEO Salim al Masrouri said, “We are delighted to be the first Omani investor in Khazan Economic City.
“We believe in the sultanate’s plan for national economic development, and will be proud to play our part in generating good jobs and business opportunities for Omanis once our chemical plant is up and running,” Masrouri said.
The signing comes after the awarding of the contract of the first package of infrastructure works to Galfar Engineering & Contracting in August. The first phase of development will see the construction of 10km of asphalt roads, a streetlight network, 15 km of storm water channels, a 22 km potable water network, and a flood protection barrier.
The announcement that Dar Al-Arkan Development Company will build a chemical manufacturing facility at Khazaen follows the June announcement to establish two projects in the city’s industrial zone, the first foreign investments to be attracted to the city.