CONRAD PRABHU –
MUSCAT, MAY 13 –
Shumookh Investment and Services (SIS), the investment arm of the wholly Omani government-owned Public Establishment for Industrial Estates (Madayn), has drawn up a substantial portfolio of hospitality and real estate projects for implementation within and around the network of Industrial Cities administered by Madayn across the Sultanate.
It includes plans for full-fledged integrated property developments, commercial and office blocks and residential clusters — many of them envisioned for development on the Build-Operate-Transfer (BOT) model.
Significantly, around 65 per cent of Shumookh’s total current asset allocation is made up of real estate related investments. All of these investments, when they eventually materialise, will be managed by a dedicated spinoff named Deyaar Oman Development & Investment LLC (Deyaar).
Real estate ventures planned by Deyaar span major growth corridors and prime locations include all Industrial Cities, according to a key executive of Shumookh.
Speaking at a recent economic forum held in the city, Salah Abdullah al Zakwani, Chief Investment Officer (CIO) — Shumookh, said Deyaar’s current project portfolio includes iconic residential and commercial tower developments, as well as upcoming hospitality-related developments.
Notable are Shumookh’s investments in residential blocks that seek to meet the staff accommodation requirements of companies operating within the Industrial Cities. These seek to build on the success of Madayn’s maiden project — Massaken Al Raha — in Knowledge Oasis Muscat (KOM). Next in line for launch is Massaken Al Maha, a modern, mixed-use commercial and residential complex, which is due to be operational by Q2, 2019.
Also known as Facility Buildings, these investments provide residential and facilities management services to existing and future tenants operating at the adjoining Industrial Cities, according to the official. A similar facility is also envisioned at Samayil Industrial City featuring a mix of shops, restaurants, business and training centres, and offices for assorted service providers. Total investment in the eight-storey project is around RO 5 million.
The most striking of Shumookh’s real estate investments is the Sur Gate project, a fully integrated real estate development located at the entrance of Wilayat Sur in Sur Industrial City. Spread across 217,000 sq metres, the project features residential and commercial components that include a City Walk Mall, Lulu Hypermarket, and Danube brand furniture store, and a luxury hotel.
At Rusayl Industrial City, where Oman’s first manufacturing cluster is located, Shumookh has plans to establish a commercial centre featuring a Facility Building in the first phase, followed by a hotel with multipurpose halls in Phase 2, and car parking and other amenities in Phase 3. The total cost is pegged at RO 5 million.
Established in 2010, Shumookh Investment and Services’ core objective is to support the development of infrastructure projects that add to the investment appeal of Madayn’s industrial cities. As part of its investment model, Shumookh takes an equity in either greenfield, brownfield or existing ventures, and has since put together a sizeable portfolio of projects spanning real estate, tourism, logistics, infrastructure, facilities management, oil refining and petrochemicals, and fund management, among other areas.
CONRAD PRABHU –