Muscat, May 25th 2016
Muscat National Development and Investment Company (ASAAS) announced establishing a 100% owned Construction Management Company named ‘Kayan’. The newly formed subsidiary will be responsible for the management and execution of ASAAS’ real estate development projects starting with the recently announced OMR 15 million Hilton Garden Inn Muscat in Al Khuwair.
“Oman’s real estate industry has witnessed significant growth over the past five years, a trend that is expected to continue as a result of the government’s focus on diversifying sources of income and developing the tourism and transportation industries in addition to the anticipated global economic recovery,” remarked, Eng. Khalid Al Yahmadi, ASAAS CEO. “Against this promising backdrop, our aim at ASAAS is to build a very strong asset base over the next ten years through direct investments that will support the development of real estate projects. The formation of Kayan is therefore critical for us as it will ensure our ability to deliver on our promise, producing projects of the highest quality, with optimal cost efficiency, and most importantly on-time. Kayan will also provide the added benefit and flexibility of liaising directly with the various construction companies working on ASAAS projects.”
As the construction management subsidiary to one of Oman’s leading investment and development companies, Kayan will play an integral role in setting the benchmark for quality project management and execution. Over the next three years, it will dedicate its resources for ASAAS projects before expanding its portfolio both locally and regionally.
In line with ASAAS’ value creation business model, Kayan is envisioned to play a leading role in building local capacities and capabilities, generating business and employment opportunities for Omanis within the construction industry.
Muscat National Development and Investment Company (ASAAS) was founded in 2014 through the concerted efforts of 10 key government entities. The company aims to increase the economic contributions of the non-oil and gas sectors by identifying new opportunities and intelligent solutions that meet public needs and enrich the quality of life of people in Oman.
ASAAS’ business strategies challenge the status quo by adopting a holistic approach to deliver sustainable economic returns and impactful social value through the integrated development of core sector supply chains. Over the next five to ten years, the company will be collaborating with public and private players in the areas of tourism, logistics, retail, transportation, healthcare and education to develop a diverse portfolio of projects valued at approximately OMR 1 Billion.
These will include hotels, Mixed-Use developments with residential and commercial components as well as theme parks to name but a few; all of which will contribute to the country’s diversification strategy and connect people to the national agenda. One of ASAAS’ anchor projects is Oman’s first budget airline, which is anticipated to advance the country’s tourism and aviation sectors.