(MENAFN- Muscat Daily) Muscat- Trading powerhouse, Al Khalili Group and real estate investment experts Tibiaan Properties have signed a Memorandum of Understanding to collaborate on a unique US$100mn project portfolio with high-end residential, commercial and retail components.
The project has been developed in response to the growing demand for luxury properties and to capitalise on the continued interest of domestic and international investors in Oman. The first phase of the partnership between Al Khalili and Tibiaan will comprise 67 exclusive villas with private pools set on strategic locations in Muscat starting with a unique development on Azaiba beachfront.
This will be followed by a series of sophisticated retail, leisure and lifestyle assets including a boutique shopping mall offering a refined range of retail experiences. Speaking at the signing of the agreement held at The Chedi Muscat on Monday, Sheikh Qais al Khalili, chairman of Al Khalili Group said, 'We are inspired by the tremendous possibilities of this collaboration, our first build to sell venture. The magnitude of the multi-faceted portfolio we have created with Tibiaan, real estate specialists of the highest standing, is a sign of our confidence in the real estate market's unlocked potential, its strong prospects for growth, and of course Oman's immense appeal as an investment destination.'
Representing Tibiaan Properties at the ceremony was its CEO Fahad al Ismaili who said, 'It is with tremendous pleasure that Tibiaan joins its real estate expertise with the trading prowess of Al Khalili Group, one of the most highly respected and trusted companies in Oman. With this agreement we have forged a relationship founded on a joint and unwavering commitment to excellence, and to the development and progress of our nation.'
The exceptional Azaiba beach villas and trailing projects of the first phase will be available for off-plan purchase later this year. Demand is expected to be intense. Options to buy and lease further elite residential, tourism and commercial properties will be made available shortly thereafter.
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