MUSCAT: Muscat Municipality has signed an agreement with Bayan Investment Company to develop a commercial complex on its plot in Al Khuwair. The agreement was signed by Mohsin bin Mohammed al Shaikh, Chairman of Muscat Municipality, and Shaikh Fahd bin Mohammed al Khalili of Bayan Investment Company.
The agreement stipulates that Bayan Investment Company will use the plot of land (3.380m2) located in Al Khuwair to develop a community mall and start the work within one year from the date of signing the contract.
The idea of the project is to meet the need for futuristic commercial areas in the Al Khuwair area.
The project will be an integrated commercial complex of two floors with a building area of 6,000 sqm with green spaces and outdoor dining facilities to serve the visitors.
The project also includes 36 commercial units spread over two floors and 200 parking spaces.
The contract includes development, improvement and maintenance of Al Khuwair Park, a fast food outlet run by a global operator, as well as a children’s play area with modern equipment and tools. The agreement stipulates that the company shall maintain the project facilities throughout the period of utilisation, pay bills and other charges related to the delivery of these services or any services related to the project during the period of the contract.
It will be obliged to register all the lease agreements with the tenants in the municipality and provide all health requirements and safety precautions in accordance with the regulations adopted by the competent authorities.
The agreement is based on the Royal Decree No 38/2015 regarding the issuance of the Muscat Municipality Law, Article 5 which stipulates that the municipality may invest its funds and conclude contracts and agreements with them in relation to others.
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