Prime Highlights
- ACME Group’s $4.2 billion green hydrogen project marks Duqm’s largest single investment commitment.
- Jaffer called Maysan Square the first integrated business district combining housing, commerce and hospitality in Duqm.
Key Facts
- Duqm Special Economic Zone is a major Omani economic development hub managed by the Public Authority for Special Economic Zones and Free Zones.
- The Maysan Square project attracted investors from 22 countries, with a total planned capacity of 424 residential units across 20 buildings.
Background
A total of ten memorandums of understanding have been signed between the Sultanate of Oman for the launch of new projects worth RO2.9 billion ($7.54 billion) at the Duqm Special Economic Zone. The Public Authority for Special Economic Zones and Free Zones signed the memorandum of understanding, which involves diverse types of projects such as industry, tourism, and residential projects.
The memorandums will help establish a power-generating plant as well as plants involved in manufacturing ammonia, batteries, and chemicals. One agreement worth mentioning is that it entails phases two and three of the downstream of the green hydrogen project by the Indian firm ACME Group, worth $4.2 billion.
At the signing ceremony, the first phase of the Maysan Square Duqm Residence project was inaugurated in Duqm. It contains 104 residential units and 130 commercial units, attracting investors from 22 countries. Its investment value stands at approximately RO10 million. The ceremony took place under the auspices of Qais Mohammed Al Yousef, Chairman of the Public Authority for Special Economic Zones and Free Zones.
Sadiq Jaffer, Chairman and CEO of Maysan Properties Company, described the project as the first integrated business district in the Duqm zone, covering a total area of 122,000 square metres. He said the development will eventually include 20 buildings spanning residential, commercial, hospitality, and retail sectors, with 424 full-service residential units upon completion.
Jaffer called it a significant step forward in real estate development, combining housing, commerce, hospitality, and business within a modern urban environment built to international standards.
