Construction at Khazaen Economic City to begin soon
Khazaen Economic City (KEC), the master developer of the proposed 52mn sqm integrated economic city in Barka, will soon announce the detailed master plan of the new city.
Khazaen is the largest public private partnership (PPP) project in Oman so far.
Khalid bin Awadh al Balushi, CEO of Khazaen Economic City said that the detailed designs of the economic city have reached a very advanced stage and will be announced in the near future. The construction contracts will be awarded and works will commence in the second half of 2019.
The first phase of Khazaen Economic City will include facilities such as the first dry-port in Oman, free zone, logistics and industrial complexes, social infrastructure, residential, commercial and entertainment components, according to an Oman News Agency report.
KEC’s announcement comes few days after the signing of its first investment agreements with international investors to set up two manufacturing plants in the new economic city.
Balushi said that Khazaen is gearing up to sign a number of similar investment agreements in the coming weeks. “It is a sign of increasing interest from across Oman, the GCC and around the world in Khazaen’s location and its strategic positioning between the Port of Sohar, Muscat International Airport and Muscat city.”
He said over the past months KEC has focused on building Khazaen’s unique selling proposition as the region’s leading new investment destination. “This public-private partnership, pioneered by Asyad Group, is already attracting foreign companies, which will create jobs, enable economic multipliers supporting logistics SMEs and encourage local raw material refining into value added products. We are reaping the fruits of our hard work,” Balushi added.