Oman has laid the foundation stone for its Barka Marina project, a 11.5 hectare mixed-use development
Oman has laid the foundation stone for its Barka Marina project, a 11.5 hectare development that is valued at OR50 million ($130 million).
As part of the construction programme, deep foundations in commercial areas of the scheme are 70 percent complete, Construction Week Online reported, citing Oman News Agency.
Located on a land plot spanning 134 hectares, the project has a building area of 10.5 hectares, of which 4 hectares is leasable space for 450 planned commercial units.
Stages 1 and 2 of the project will open by 2021, with the third phase due to be ready in 2022, the website said.
It added that service, commercial, tourist, and entertainment facilities will also be developed within Barka Marina.
The project is part of the Oman government's efforts to seek partnerships with the private sector. The Ministry of Agriculture and Fisheries has launched a public bid to invest in the fishing port in Barka to develop the port, ice factories, packing and processing plants, fish workshops, maintenance workshops, boats, restrooms and fishermen stores.
Investment opportunities also include a five-star hotel, restaurants, cafes, marinas, boat docks, dive clubs, excursions and various marine activities.
Sheikh Hilal bin Said al-Hajri, governor of South Al Batinah, attended the foundation stone ceremony with Dr Hamad bin Said al-Oufi, undersecretary of the Ministry of Agriculture and Fisheries. Nasser bin Salim al-Siyabi, executive vice president of Falcon Investments, also attended the event.
In July, a report by BMI Research stated that Oman’s construction sector would grow faster than its regional counterparts, expanding by 10.4 percent in 2018 and 11.5 percent in 2019. This is higher than the regional growth average of around 7 percent predicted for each year.