Omani-Saudi JV to develop a RO300mn Economic City

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March 12, 2018

Muscat (WAF): Phase one of #Khazaen over 51km² to attract RO300mn, Kalat al-Bulooshi CEO of Oman Investment Corporation (OIC) the majority shareholder in the Omani-Saudi JV developing Khazaen said today.

 

The privately-owned OIC and Saudi engineering contractor Mohammed Ali Al Swailem Group (MASCO) signed today the shareholders’ agreement to develop The Economic City of Khazaen, which is 100 per cent owned by the government of Oman.

The new city of Khazaen is located 60 kilometres north to the Oman’s capital, Muscat. “Khazaen city will include a Dry port, and a Free Zone. To make it the only fully integrated city within 60km from Muscat International Airport”, al-Bulooshi said.

According to al-Bulooshi, the JV will start floating tenders to develop various parts of the new Economic Zone of Khazaen (previously known as the logistics city), within 6 months. And the 51km² integrated city can be extended to reach 90km².