Muscat - In a significant stride towards local development, the Ministry of Housing and Urban Planning has formalized 31 usufruct agreements within the Dhofar Governorate, encompassing an aggregate area of 2.3 billion square meters. These agreements signify a cumulative investment exceeding OMR 22 million, dedicated to the advancement of projects across diverse sectors, including agriculture, industry, healthcare, and commerce.
Among the principal agreements, 25 were concluded within the agricultural sector, with a particular emphasis on enhancing food security. These agreements, amounting to OMR 19.5 million in investment, encompass 11.6 acres of land. Notably, one agreement will establish the headquarters of the Omani Agricultural Society in the Wilayat of Thumrait, in conjunction with a logistics and services hub occupying a 42,000 square meter plot.
Furthermore, the Ministry has formalized four additional usufruct agreements across the industrial, medical, residential, and commercial sectors, with investments surpassing OMR 3 million spread over an area of 22,500 square meters.
The formalization of these agreements was conducted by His Excellency Eng. Hamad bin Ali Al-Nizwani, Undersecretary of the Ministry of Housing and Urban Planning for Housing, in the presence of representatives from the entities involved in the agreements. Attendees also included officials from the Oman Investment Authority, the Ministry of Agriculture, Fisheries and Water Resources, and the Najd Agricultural Area Development Office.
These agreements are a pivotal component of the Ministry’s broader strategy to utilize usufruct contracts as a catalyst for economic growth. By fostering investment, generating employment opportunities, and promoting self-sufficiency in critical sectors, this initiative is poised to bolster the local economy of Oman.
