A subsidiary of Al Batinah Development & Investment Holding Company has secured government approval to transform 4.5ha of farming land into a residential project.
Oman’s Ministry of Housing approved Al Batinah Shipping, Handling, and Customs Clearance’s request to convert a stretch of agricultural land in Al-Aqar available for residential use.
The plot is adjacent to Shinas College of Technology, and using it for residential purposes may hold more commercial value than agricultural use.
Al Batinah Development & Investment Holding Company is listed on Muscat Securities Market, and is the majority shareholder in its subsidiary, with a 90% stake.
It a statement, the company’s general manager, Gamal Haggag, said the firm was working towards formalising the next steps for the brownfield development.
“The financial impact of the change in usage will be determined once the required procedures have been completed […] and we will bring the latest developments to the shareholders immediately after completing the requirements.”
News of the company’s latest project came a day after it posted profit growth for 2018, following a significant loss in the previous year. Its unaudited and consolidated financial results for 2018 showed a 648% upswing in profit.