- The approval of the detailed master plan opens the doors to the next phase of attracting local and international investment to the economic city;
- New laws help make Khazaen more attractive to investments.
Khazaen Economic City (KEC), and master developer of the new 52 million sqm integrated economic city in Barka has announced the detailed master plan for the first phase of the new project.
Khazaen’s Strategic Location
Located to the north of the capital, Muscat, Khazaen is the largest public-private partnership project in the Sultanate of Oman – and is already attracting investors through its combination of unhindered, deep-water access to international maritime routes; preferential market entry under Free Trade Agreements with the GCC, Singapore and the United States; as well as the city’s proximity to Middle East, Indian, Asian and African Markets.
Construction Master Plan
Making the announcement, Mr. Khalid Awadh Al-Balushi, CEO of KEC, highlighted the support of the ASYAD Group and welcomed the rapid approval of the master plan for the first phase – which marks the beginning of the next stage.
“With the approved plan for the first phase of the city, KEC can continue to attract local and foreign investment to new, state-of-the-art facilities and units across the development,” Al-Balushi said.
Al-Balushi also explained how, following the announcement, local and international road-shows will be held to introduce the components of the master plan and its stages of implementation to new and prospective tenants – further supporting the economic growth of the Sultanate.
Sultanate’s Support and Foreign Investment
Noting the government of Oman’s commitment to ensuring that the Sultanate is the best possible place for investors, the KEC CEO added that “the recent Foreign Capital Investment, Privatization, and PPP laws make it easier than ever before for Khazaen to attract local and international investments to the city”.
The city’s master plan for the first phase was developed by Atkins, a member of the SNC-Lavalin Group, the lead consultant for Khazaen’s planning and design work.
Marco Malpiedi, Atkins’ Managing Director for Oman, said: “With over 50 years’ presence in the Middle East, Atkins has played a key role in supporting some of the Sultanate’s large-scale development projects. We are proud to be part of this world-class economic city that is set to create all facets of a modern and future-proofed destination designed for people to live and work. Working together with a forward-thinking client and stakeholders, we are using our master planning and engineering expertise to deliver this project to the highest quality.”
Announcement for Khazaen Contract
Eng. Salim Bin Sulaiman Al-Thuhli, General Manager of Projects and Engineering at KEC said that “the approval of the master plan of the first phase is a significant milestone in the life of the project. This allows us to embark on the execution of the development and break ground. Soon we will announce the award of the first construction contract”, he added.
The first phase of the city will include one-of-a-kind 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.