Oman Post, Asyad Express sign BOT deal with developer

BUSINESS REPORTER

MUSCAT, APRIL 26

Oman Post and Asyad Express, a member of Asyad Group, signed a partnership agreement with Wujha Real Estate to invest, design and develop plots in line with its land investment plans.

The new partnership with Wujha includes an investment deal under the new land investment plans devised by Oman Post and Asyad Express aiming to consolidate and upgrade its assets through multiple build-operate-transfer (BOT) contracts made with private entities.

Wujha has been awarded two investment projects in Al Ghubra and Madinat Al Sultan Qaboos in Muscat to finance the development and operate the sites for 25 years.

Oman Post and Asyad Express plan to keep engaging the private sector and float additional tenders to build new branches, upgrade existing ones and develop its land plots using private financing. This will add financing sources to Oman Post and Asyad Express and provide private developers with a unique opportunity to take on prime locations and benefit from favourable arrangements and extended periods up to 25 years.

Commenting on the new partnership with Wujha Real Estate, Nasser al Sharji, CEO of Oman Post and Asyad Express, said, “Our agreement with a leading real estate developer such as Wujha is only the beginning of our land investment programmes. We expect this type of engagements to open new prospects for us to access financing from private sector entities to grow our asset portfolio, optimise the utilisation of these assets and increase their value. Meanwhile, Oman Post and Asyad Express will make significant savings in maintenance costs and generate additional revenue for an extended period.”

Ali al Hashmi, CEO of Wujha Real Estate Developers Company, said, “This partnership with Oman Post and Asyad Express is a big opportunity to explore new horizons, investments and development; and it is a step forward, in line with Oman Vision 2040, built on collaboration which involves partnering in different vital industries in the Sultanate of Oman. It motivates us to work hard towards creating unique and promising high-quality projects.” (With inputs from ONA)