ASAAS forms construction arm; to start with OMR15m hotel project

Business Wednesday 25/May/2016 13:57 PM
By: Times News Service
ASAAS forms construction arm; to start with OMR15m hotel project

Muscat: A new company for construction management called ‘Kayan’ was formed by the Muscat National Development and Investment Company (ASAAS).
The newly-formed subsidiary will be responsible for the management and execution of ASAAS’ real estate development projects starting with the recently announced OMR15 million-Hilton Garden Inn Muscat in Al Khuwair, according to a company release.
“Oman’s real estate industry has witnessed significant growth over the past five years, a trend that is expected to continue as a result of the government’s focus on diversifying sources of income and developing the tourism and transportation industries in addition to the anticipated global economic recovery,” said Eng. Khalid Al Yahmadi, chief executive officer of ASAAS.
“Against this promising backdrop, our aimat ASAAS is to build a very strong asset base over the next ten yearsthrough direct investments that will support the development of real estate projects. The formation of Kayan is therefore critical for us as it will ensureour ability to deliver on our promise, producing projects of the highest quality, with optimal cost efficiency, and most importantly on-time.Kayan will also provide the added benefit and flexibility of liaising directly with the various construction companies working on ASAAS projects.”
As the construction management subsidiary to one of Oman’s leading investment and development companies, Kayan will play an integral role in setting the benchmark for quality project management and execution. Over the next three years, it will dedicate its resources for ASAAS projects before expanding its portfolio both locally and regionally.
In line with ASAAS’ value creation business model, Kayanis envisioned to play a leading role in building local capacities and capabilities, generating business and employment opportunities for Omanis within the construction industry.
ASAAS aims to increase the economic contributions of the non-oil and gas sectors by identifying new opportunities and intelligent solutions that meet public needs and enrich the quality of life of people in Oman.