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July 14, 2024

Housing Ministry Signs 12 Usufruct Contracts With Investment Value of RO 2.6m


The Ministry of Housing and Urban Planning today signed 12 usufruct contracts in the agricultural and industrial sectors, with an investment value of more than RO 2.6 million.

The contracts were signed in cooperation with the Ministry of Agriculture, Fisheries and Water Resources and the Authority for Small and Medium Enterprises Development (ASMED).

The first set of the contracts (6 contracts) dealt with the food security system. They awarded usufruct to the tune of more than RO 1.9 million for agricultural utilization of land areas totaling 1.3 million square metres (sqm) in governorates of Al Dakhiliyah, Al Dhahirah, North Al Batinah, South Al Batinah, and North Al Sharqiyah.

The second set of the contracts (6 contracts) were awarded to owners of small and medium enterprises, with an investment value of more than RO 738,000 for using a total land area of 3,611 sqm. The contracts, which deal with investment in the industrial sector, were awarded in the governorates of Al Dakhiliyah, North Al Sharqiyah, North Al Batinah, and South Al Batinah.

The contracts were signed by Eng. Hamad Ali Al Nazwani, Undersecretary of the Ministry of Housing and Urban Planning for Housing, and representatives of companies and establishments investing in the projects. The signing ceremony was attended by Dr. Ahmed Nasser Al Bakri, Undersecretary of the Ministry of Agriculture, Fisheries and Water Resources for Agriculture, and the Director of In-Country Value (ICV) Department at ASMED.

Eng. Ahmed Saud Al Kamyani, Director General of Lands at the Ministry of Housing and Urban Planning, said that the signing of the usufruct contracts stems from the Ministry’s plan aimed at facilitating investment lands and enhancing economic diversification.

In a press statement, Al Kamyani said that the contracts awarded in the agricultural field offered opportunities to grow vegetables and fruits and assists in livestock breeding. ASMED contracts focus on projects awarded to holders of the Riyada Card, he explained.

Al Kamyani added that, as part of the Ministry’s 2024 plans, 800 investment opportunities will be offered in various governorates through “Tatweer” platform. Among these, 200 lands would be awarded by auction and 200 agricultural projects will be allocated for specific business activities, he said.

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