Muscat National Development and Investment Company (Asaas), aleading player in the country, has launched its new construction management subsidiary ‘Kayan.’

The newly-formed unit will be responsible for the management and execution of Asaas’ real estate development projects starting with the recently announced RO15 million ($39 million)-Hilton Garden Inn Muscat in Al Khuwair, said the company in a statement.

On the new entity, CEO Khalid Al Yahmadi, said: "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."

"Against this promising backdrop, our aim at Asaas is to build a very strong asset base over the next 10 years through direct investments that will support the development of real estate projects," he stated.

According to him, the formation of Kayan is critical for the company as it will ensure its ability to deliver on 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," he added.-TradeArabia News Service