Commerce ministry to develop three real estate projects in Muscat

Muscat: A tender to appoint a consultant to prepare the initial designs for three locations owned by the Ministry of Commerce and Industry in the Governorate of Muscat have been awarded.
This is part of the preparations made by the Ministry to float these sites for investment by companies operating in the field of real estate and investment development.
The first land plot is located at the Airport Heights where Oman Convention and Exhibition Centre is. Investors will be able to submit their bids to develop this land plot and build a premises for the Ministry of Commerce and Industry in the future without any cost on the government for construction and furnishing. The winning contractor will benefit from the commercial use of the remainder land as per a long term usufruct agreement with the Ministry of Finance.
The consultant will provide visions for two land plots owned by the Ministry, the first in Al Khuwair and used as warehouses and the second is in Ghala Heights.
The new initiative opens the door for investors to build real estate and commercial buildings that generate profits for them and enhance public private partnership without any cost on the government for the building of such laboratories and buildings.
The project is one of the alternative finance projects by which the government will receive funding for the construction of laboratories against the private sector of land for a number of years.
The general tender for finance or long term lease will be through what is known in the world as BOOT (Build, Own, Operate and Transfer).