Muscat: Khazaen Economic City (KEC) L.L.C., the master developer of the new 52 million sqm integrated economic city in Barka, has signed today an investment agreement with HEMA LEADING LINE, to be the first international investor to set up a production plant in Khazaen.
HEMA’s US-based owner and co-operative companies operate in more than 40 countries, with a focus on products that blend petrochemical raw materials for road and building applications.
Mr. Khalid Awadh Al-Balushi CEO of KEC said that the Economic City is gearing up to sign 10 similar investment agreements in the coming weeks - a sign of the increasing interest from across Oman, the GCC and around the world in Khazaen’s business-sense location and strategic positioning between Sohar Port, Muscat International Airport and Muscat City:
“Over the last months, we have focused on building Khazaen’s unique selling proposition as the region’s leading new investment destination. This public-private partnership, pioneered by ASYAD, is already attracting foreign companies which will create jobs, enable economic multipliers supporting logistics SMEs and encourage local raw material refining into value added products. We are reaping the fruits of our hard work.” Al-Balushi added.
Khazaen is the largest public and private partnership (PPP) project in the Sultanate of Oman. The first phase of the city will include one-of-a-kind facilities such as the first dry port in Oman, free zone, logistics and industrial complexes, social infrastructure, residential, commercial and entertainment components.
Later this year, KEC will also be announcing the Detailed Master Plan of the economic city and will commence the construction of the first package of infrastructure.
Khazaen Economic City L.L.C is owned by Oman Investment Corporation (OIC) which has embarked on developing a world-class fully-integrated economic city over 52 million square meters, located 60km north of Muscat.
Over the coming 20 years KEC is expected to attract various local and foreign direct investments into the city. The new economic city will include a dry port along with residential, commercial, and industrial zones, as well as business hub. Khazaen will be developed in several phases to become an integrated city, located strategically between Oman’s capital and Sohar free zone.