Omani property investment firm Al Khonji Real Estate & Development (Aqar) has inked deals for the lease of land in Duqm Special Economic Zone for the construction of a mixed-use development at an investment of RO390 million ($1.09 billion), said a report.

The project, which will boast of key tourism, residential, commercial and retail facilities, will be constructed in multiple phases, reported Oman Observer.

Under a usufruct agreement concluded with the Special Economic Zone Authority in Duqm (Sezad), Aqar will acquire a 661,000-sq-m plot for this project.

The Omani developer is already a well-known name in the country, having delivered a number of commercial and real estate projects in Muscat, notably the Rimal 1, Rimal 2 and The Office developments.

Its upcoming project will include a mix of hotels, villas, residential units, commercial complexes and an amusement park.

In the first phase, a three-star hotel is being planned by Aqar which will be likely completed in the first quarter of 2019 followed by commercial and residential units.  

As per the master plan, the amusement park will be added to the development the next year, while health complexes are planned by 2022.