Usufruct contracts worth OMR6.8mn signed

Muscat: The Ministry of Housing and Urban Planning signed 26 usufruct contracts with an investment value exceeding OMR6.5 million.

Those contracts cover various fields, including commercial, industrial, agricultural and educational sectors in the governorates of Muscat, North Al Batinah, South Al Batinah, Al Buraimi, Al Dakhiliyah and North Al Sharqiyah.

The Wilayats of Al Sinanah and Mahadh in Al Buraimi Governorate witnessed the highest number of signed agreements by 13 contracts in the agricultural and livestock fields. The projects will be set up on a total area of 755,000 sqm, with an investment value of OMR1.7 million.

Moreover, 3 usufruct contracts were signed in Muscat Governorate in the Wilayats of Boushar and Al Seeb in the educational and commercial sectors with an investment value of more than OMR4.2 million, on a total area of 13,000 sqm.

In addition, 3 usufructs were signed in the industrial and agricultural fields in South Al Batinah Governorate in the wilayats of Barka and Nakhal. Those projects will be established on a total area of more than 18,000sqm and with an investment value of OMR285,00.

Further, a usufruct contract was signed in the Wilayat of Liwa, the Governorate of North Al Batinah, to the tune of OMR200,000. Two usufructs were inked in the commercial field in the Wilayat of Samail, the Governorate of Al Dakhiliyah, with an investment value exceeding OMR55,000.

The agreements were signed by Eng. Hamad Ali Al Nazwani, Undersecretary of the Ministry of Housing and Urban Planning for Housing, and representatives of the investing companies and establishments, in the presence of the Undersecretary of the Ministry of Agriculture, Fisheries and Water Resources for Agriculture, and the Chairperson of the Small and Medium Enterprises Development Authority (ASMED).

The signing of usufruct agreements in different governorates of the Sultanate of Oman reflects the ministry’s contribution towards optimal investment of government lands, enhancing economic returns, maximizing revenues of government lands, meeting needs in various governorates and providing various investment opportunities. -