New laws make Khazaen more attractive to investments
The Sultanate of Oman’s Khazaen Economic City (KEC) and master developer of the new 52 million sqm integrated economic city in Barka, has announced the detailed master plan for the first phase of the new project.Located to the north of the capital, Muscat,
Khazaen is the largest public-private partnership (PPP) project in the Sultanate of Oman and is already attracting investors through its combination of unhindered, deep-water access to international maritime routes; preferential market entry under Free Trade Agreements with the GCC, Singapore and the United States; as well as the city’s proximity to Middle East, South Asian and the African markets.
Making the announcement, Khalid Awadh Al-Balushi, CEO, KEC, highlighted the support of the ASYAD Group and welcomed the rapid approval of the master plan for the first phase.
“With the approved plan for the first phase of the city, KEC can continue to attract local and foreign investment to new, state-of-the-art facilities and units across the development,” Al-Balushi said.
Al-Balushi also explained how, following today’s announcement, local and international road-shows will be held to introduce the components of the master plan and its stages of implementation to new and prospective tenants – further supporting the economic growth of the Sultanate.
The city’s master plan for the first phase was developed by Atkins, a member of the SNC-Lavalin Group, the lead consultant for Khazaen’s planning and design work.
“With over 50 years’ presence in the Middle East, Atkins has played a key role in supporting some of the Sultanate’s large-scale development projects. We are using our master planning and engineering expertise to deliver this project to the highest quality,” commented Marco Malpiedi, Managing Director, Atkins, Oman.
“The approval of the master plan of the first phase is a significant milestone in the life of the project. Soon we will announce the award of the first construction contract”, commented Eng. Salim Bin Sulaiman Al-Thuhli, General Manager, Projects and Engineering, KEC.
The first phase of the city will include facilities such as the first dry port in Oman, a free zone, logistics and industrial complexes as well as social infrastructure, residential, commercial and entertainment components.
