Conrad Prabhu -
MUSCAT, MARCH 1 -
The Special Economic Zone (SEZ) at Duqm snagged a whopping RO 681 million in hospitality and real estate investments in 2016, underscoring the emerging industrial hub’s strong appeal as a tourism destination as well.
In contrast, industrial investments totaled around RO 187.6 million during the year, according to figures compiled by Duqm Economist, the newsletter of the Special Economic Zone Authority of Duqm (SEZ). The figure does not include potentially sizable investments likely to pour into an ambitious Chinese Industrial City, a usufruct agreement for which was signed last year. Industrial schemes, however, account for the lion’s share of investments committed by local and international players since the SEZ’s establishment by Royal Decree in 2011.
In all, 13 usufruct agreements were signed last year for various hotel, resort, hospitality and real estate developments at the SEZ. The most notable is a mixed use scheme backed by the well-known developer, Al Khonji Real Estate Development Company (Aqar), with an investment estimated at RO 390 million. It includes substantial residential and commercial components.
Marina Duqm, a subsidiary of Golden Group of Companies, has signed agreements to invest around RO 283 million in a waterfront development involving hotels, residential complex, mall, water park and entertainment centre. Renaissance Services has also leased a 10,000 sq metre plot for the development of a leisure facility that includes restaurants and swimming pool.
Also on the anvil are 3-star hotels by Citadel Investment Company, Soqoor Al Baida Trading, Abraj Oman, Thimaar Duqm and Dhofar Networks, and hotel apartments by Jabgat al Ahliyyah Company, Dar Al Dhaiah Trading and Sawahil Al Duqm Al Shamilah. Duqm Environmental Resort Company has also secured land for a complex of chalets with a restaurant and coffee shop.
During the same period, as many as 35 usufruct pacts were signed for Industrial related investments in the SEZ.
The list includes projects for steel fabrication, cotton products, food and fish oil processing, brick factories, industrial detergents, glass manufacturing, plastics production, pharmaceutical and medical products, cooking equipment, cooking gas bottling, and medicinal herbs.
The One-Stop-Shop operated by SEZAD received over 250 applications from prospective investors seek
ing to set up operations in Duqm. They include proposals for investment in projects pertaining to the manufacture of, among other things, petrochemicals, building products, automotive spares, bottled water, fish processing, and so on.
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