Aqar planning to go public next year

23/11/2014 05:07 AST

Aqar Property Developers, the new name and identity of one of Oman’s longest established real estate companies, Al Khonji Real Estate and Development LLC and a subsidiary of Al Khonji Holding LLC, is mulling over a proposed strategy of going public with the IPO next year, according to its senior management.“We are thinking of going public and sharing the profits with the stakeholders very seriously in the coming year after clearing the regulations set by the Capital Market Authority (CMA) and Msucat Securities Market (MSM) and meeting their requirements”, said Mohammed Abdulla al Khonji, Chairman and CEO, Aqar.

“As far as we know we are going in the direction and we have to see how easy it is to enter public and benefiting the family business results to a 157010larger clientele — the shareholders”, he added. He further said that Aqar is a family business and had to weigh the various pros and cons of becoming a public company and how it can help the company grow.

As per the legal provisions, 40 per cent can be held by the company and the rest has to be offered to the public. In an exclusive interview with the Observer, Al Khonji said that this ambitious developer has another major initiative to build its first ITC (Integrated Tourism Project) in the country soon.

“We are planning our first ITC which will be a complete township in the heart of the city or outskirts of the city. We are hoping that we will receive the no-objection from the authorities concerned to carry on with our ambitious project and the location can be anywhere in the country”, Al Khonji added.

The luxury living space developer has recently marked 100 per cent sale of its Rimal 2, a 148-Unit integrated residential complex in Bausher, whose 80 per cent was sold off in a few days after it was in offer.

He noted that Rimal 2 is built on state-of-the-art engineering and construction standards and offers a high standard environment for living based on latest technologies and ideas and is expected to complete early 2018.

“Aqar is thoroughly committed to continue developing real estate projects that are built on the latest modern specification supported by a whole set of technologies and latest appliances to provide the owners with the standard living environment, in terms of strategic locations of these residential complexes, and the quality of construction”, Al Khonji said.

Complementing the ongoing projects will be Rimal Galleria Mall which is a 10,000sqm retail space that will bring some of the world’s leading names and local favourites, all within walking distance of the residence. Organised along a glass-faced promenade, which will feature a range of cafes, eateries and boutiques, Rimal Galleria is set to be one of Muscat’s most popular family-focused retails centres. A terraced restaurant area will offer a range of cuisines and al fresco dining options to suit all tastes.

The modern concept of all offices under one roof, The Office, yet another forthcoming project of Aqar, wil be dedicated to the corporate world soon, the management of Aqar hoped. The Office will be the whistleblower of a new chapter in the way offices were conceptualised till today, according to Al Khonji.

Oman Daily Observer