Muscat: In a move aimed at enhancing sport investment and financial sustainability, the Ministry of Culture, Sports and Youth (MoCSY) has signed an investment agreement for the lands of the Oman Olympic Committee and sports federations with Al Maha Petroleum Products Marketing Company.
The agreement was signed by Basil bin Ahmed al Rawas, Under-Secretary of the Ministry of Culture, Sports and Youth for Sports and Youth, and on behalf of the company, Eng Hamad al Mughdari, CEO of Al Maha Petroleum Products Marketing Company.
The agreement comes within the framework of the Ministry's efforts, in coordination with Oman Olympic Committee and sports federations, to invest the granted lands with financial returns that achieve financial sustainability and strategic goals.
The project represents a type of diversified investment that includes the establishment of commercial facilities, a gas station, and spaces for sports activities on federation land in the Wilayat of Bausher.
The project will include the establishment of facilities for selling petroleum products and commercial facilities, in addition to open spaces and corridors for sports activities, on a total area of more than 18,000 sqm, at a total cost of up to 4 million Omani riyals.
This project will achieve direct and indirect financial returns for sports bodies, in addition to new job opportunities, and facilities for marketing and promoting sporting events and activities.
Basil al Rawas stressed that the signing of the agreement aims to provide sustainable financial resources and returns for sports federations and bodies, which enhances their ability to perform their duties effectively. Al Rawas explained that the MoCSY through the Fund for the Support of Cultural, is making great efforts to develop investment sports projects that align with "Oman Vision 2040" and achieve financial sustainability for the sports sector. These efforts aim to transform sports into a thriving industry that generates substantial financial returns for sports institutions, contributing to placing the Sultanate of Oman among the ranks of advanced countries.
Eng Hamad al Maghdari stressed that "The Al Ghubrah South project in the Wilayat of Bausher is a model of private sector initiatives in developing advanced and diversified projects. This project is in line with the progress witnessed by the Sultanate of Oman in various fields and enhances the principle of real partnership between the government and the private sector, which supports the company's goal of expanding its sources of income."
Al Maghdari explained that "The project comes within the framework of Maha Company's strategy to expand and diversify its activities, maintain sustainable growth, and keep pace with changes in the business environment. The project is located in a strategic location opposite the Bosher Sports Complex, making it an ideal place for commercial and residential activities. It includes extensive green spaces, the use of renewable energy, and energy efficiency, to be a model for sustainable projects that represent an important part of the future economy in the Sultanate of Oman.
Al Maghdari added: "We realise the importance of sustainability, so the project includes extensive green spaces, a walkway for sports, and an area for children's games, providing a healthy and suitable environment for families. We are also keen to provide multiple parking spaces to facilitate access to the various facilities of the project. This project is not just a commercial project, but a model of real partnership between the public and private sectors."
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