The extended masterplan for the first phase of Khazaen, a new 52 million sqm integrated financial city in Oman, has been approved, allowing the destination to attract new investment, it was publicized on Tuesday.
The biggest public-private partnership project in Oman, Khazaen is coming up in Barka, situated to the north of the capital, Muscat.
The first phase of the project will comprise 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.
The Khazaen also proposal access to the international marine path and excellent market entry under Free Trade Agreements with the GCC, Singapore and the US.
Khalid Awadh Al-Balushi, CEO of Khazaen Economic City (KEC), said that local and international road-shows will be held to introduce the components of the masterplan and its platform of execution to the new and prospective contractor.
“With the approved plan for the first phase of the city, Khazaen Economic City (KEC) can continue to attract local and foreign investment to new facilities and units across the development,” he said.
“The recent foreign capital investment, privatization, and PPP laws make it easier than always before for Khazaen to attract local and international investments to the city.”
The city’s masterplan for the first phase was constructed by Atkins, a member of the SNC-Lavalin Group, A consultant for Khazaen’s planning and design work.
Salim Bin Sulaiman Al-Thuhli, general manager of Projects and Engineering at Khazaen Economic City (KEC) said that the approval of the masterplan will allow the company to move forward on the implementation of the development.
“Soon we will publish the award of the first construction contract.