Thursday, July 20, 2017

Al Khonji group to build business hotel in Duqm

Omani property investment firm Al Khonji Real Estate & Development (Aqar) has unveiled plans for a three-star business hotel in Duqm, which will be a part of a large mixed-use development, said a report.

Featuring 180 to 200 rooms, the hotel project is the first venture in a massive mixed-use development, which includes two other hotels, residential units, commercial buildings and retail facilities of varying sizes, said a report in Times of Oman.

A Memorandum of Understanding (MoU) was already signed for the first hotel, which will be a business hotel, and there are plans for two other hotels.

Oman expects a surge in the number of business travellers to the sultanate as it is witnessing massive development with a proposed refinery, petrochemical complex, crude storage facility and a major fish processing zone.

Moreover, a group of Chinese firms had signed land lease agreements with Oman Wanfang in April for building various projects, ranging from a methanol venture to a five-star hotel, totalling an investment of $3.06 billion.

The proposed residential units of the Al Khonji group, which is a long-term plan, will be a mix of villas and apartments.

The total envisaged investment for the entire development of Al Khonji group in Duqm for a period of 15 to 20 years is around OMR300 million, while the investment for the first three-star hotel is estimated at OMR10 to 12 million, added Al Khonji.

“Our business plan is for 15 to 20 years, but it will depend on growth in demand and the performance of the economy. We are working on developing hotels, residential buildings, shopping centres and many other facilities,” said Al Khonji.

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