One mile of Ocean Front, One Incredible Real Estate Development

Multi-Billion Dollar Agreement Signed With Oman

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Message: Let's See..

It's interesting that the Usufruct Agreement was signed back in April and MOH has been sitting on it for 2 months.

After ratification of the DA by the MOF, the Usufruct Agreement was signed by the Minister of Tourism in late April 2015 and then the UA was officially transmitted to the Ministry of Housing (“MOH”) for signature by the Minister of Housing, after which the UA will be signed by LLC and registered with the MOH. The term of the UA is 50 years (with 5 years free rent) and the 20,250 Omani Rial ($52,650) usufruct registration fee which LLC will pay to MOH is based on the 45 years of the term of the UA on which rent is payable.

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