Wednesday 08 / May / 2024
Muscat: Oman Post and Asyad Express, a member of Asyad Group, signed a partnership agreement with WUJHA Real Estate to invest, design, and develop plots in line with its land investment plans.
The new partnership with WUJHA, that includes an investment deal, is one of the initiatives taken under the new land investment plans devised by Oman Post and Asyad Express aiming to consolidate and upgrade its assets through multiple build-operate-transfer (BOT) contracts made with private entities. WUJHA has been awarded two investment projects in Al Ghubra and Madinat Sultan Qaboos in Muscat to finance the development and operate the sites for 25 years.
Oman Post and Asyad Express plan to keep engaging the private sector and float additional tenders to build new branches, upgrade existing ones, and develop its land plots using private financing. This will add financing sources to Oman Post and Asyad Express and provide private developers with a unique opportunity to take on prime locations and benefit from favourable arrangements and extended periods up to 25 years.
Nasser Al Sharji, CEO of Oman Post and Asyad Express, said, “Our agreement with a leading real estate developer such as WUJHA is only the beginning of our land investment programmes. We expect this type of engagements to open new prospects for us to access financing from private sector entities to grow our asset portfolio, optimise the utilisation of these assets, and increase their value. Meanwhile, Oman Post and Asyad Express will make significant savings in maintenance costs and generate additional revenue for an extended period.”
“We believe that collaboration with the private sector is key to unlock new financing routes and expansion potentials, while allowing private entities to invest and take part in developing the logistics sector in Oman. This type of collaboration will also benefit small and medium enterprises acting as contractors and service providers for future development projects,” Al Sharji added.
Ali Al Hashmi, CEO of WUJHA said, “This partnership with Oman Post and Asyad Express is a big opportunity to explore new horizons, investments, and development; and it is a step forward, in line with Oman Vision 2040, built on collaboration which involves partnering in different vital industries in the Sultanate of Oman. It motivates us to work hard towards creating unique and promising high-quality projects.”
Oman Post and Asyad Express continue to implement their plans to engage the private sector and explore partnership avenues, in line with Asyad Group’s policy of growing in-country value (ICV) and enhancing its contribution to Oman’s economy while pursuing objectives and themes of Oman Vison 2040.
