The Public Establishment for Industrial Estates (PEIE) and Al Sharqiya Real Estate Developers have signed a memorandum of understanding for the development of the Sur Gate project in Oman.
The 200,000m² project comprises an integrated commercial, leisure, shopping and residential complex at a cost of OMR120m ($310.7m).
The Sur Gate project is located at Sur Industrial Estate and is expected to commence operations within the next four years, according to PEIE.
PEIE CEO Hilal bin Hamad Al Hasani said: "Sur Gate project is one of the leading investment, commercial and service projects located in Sur Industrial Estate."
"The location of Sur Gate will add a value to the concept as Sur Industrial Estate needs to embrace an integrated service project," Al Hasani said.
The integrated commercial project will include an 11,812m² hypermarket, a 58,437m² shopping mall, a 20,127m² hotel and business centre, a 25,670m² commercial area, town houses of different sizes, and a 5,859m² accommodation complex for employees of the industrial estate.
Located at the entrance of Sur near the coastal highway that links Muscat governorate to Sur City and the rest of the Sharqiyah region, the development will serve Sur city and the entire Sharqiyah governorate.
The project has been designed according to the Omani psyche, culture and lifestyle and it is expected to create more than 500 job opportunities for Omani people.
The first construction phase of the development is expected to commence before the end of 2012.
"There are plans to initiate a similar project in Sohar Industrial Estate, and in future, Nizwa Industrial Estate and Sumail Industrial Estate," Al Hasani added.