Monthly Blog- October 2024

Ian Lawrence

This month I have been in Brazil, researching the real estate market in Brasília, Brazil's capital city. The vision for Brasília was crafted in the past when there was little understanding of the detrimental effect that gas guzzling vehicles would have on the environment. This goes some way to explain why there is a bias towards vehicle travel rather than pedestrians, which in 2024 is unusual for capital cities where more emphasis is being placed on cycling and walking. Designed by the renowned architect Oscar Niemeyer and urban planner Lúcio Costa in the late 1950s, Brasília is a UNESCO World Heritage city built from scratch, embodying bold, sweeping curves, open spaces, and a focus on modernism. Its layout resembles an airplane, with distinct “wings” and a “fuselage.” The "Plano Piloto," or pilot plan is a design that lends itself to ease of travel and it is a city that is very easy and quick to circumnavigate.

My research focus was on prime residential and office property that is generally located around the "Lago Norte and Sul" or north and south lake and "ASA Norte and Sul" north and south wing respectively with office and commercial property ordered by sector in specific zones within the north and south wing. The most expensive residential property is situated on the shores of the South Lake close to the diplomatic zone where prices for new property can reach BRL29,000 per sqm. Office rents are very low when compared to other cities with asking prices in the region of BRL 55/sqm/month.

Monthly Blog- September 2024

James Whitmee

I am in Majuro the capital of the Marshall Islands this week reviewing the residential property market.

There are significant geographic and economic constraints. Land availability is slim, and construction costs are steep, leaving most investors to focus on other sectors such as shipping, fishing and leisure. Nearly all new residential development is directed at accommodating government employees, who receive housing subsidies that are capped at around $750 per month.

Most housing is aimed at the local market, with a major absence of high-end options. The expatriate population here, which mainly consists of individuals working in education, construction (often on short-term infrastructure projects), and various aid agencies, doesn’t demand a luxury product either. Average rents are around $1,000 per month for foreigners.

There are no real estate agents in Majuro, no listings boards nor advertising. I met with the largest landlords in Majuro. At the time of visiting there was only a handful of properties available with waiting lists for most property types.

Ownership is complicated and tricky for the following reasons:

• Foreign entities and persons cannot own property in the Marshall Islands – only leasing is permitted.

• 99% of land is not freehold but has three layers of local/traditional “ownership”, all of those “owners” having a potential say in what happens on the land.

• Even for Marshall Island businesses and entities, purchase of land is risky as a purchase often triggers claims from third parties, based on historical and family connections which can be difficult to verify.

• Registration of title is voluntary.

I am flying from here back to the UK through Hawaii, and the West Coast of the States. I will be crossing the international date line so effectively gaining a day – 21 hours of flights, so a bit of a marathon.

Monthly Blog- August 2024

Alex Law

I recently travelled to Lahore in Pakistan. Lahore is a city I am becoming very familiar with, having visited a few times in the past eighteen months. It is a fascinating city, packed with culture and splendid architectural gems in the Old City. The ancient fort, with its winding alleys and mosques, is exquisite to see. Pakistani food is on another level and varies widely from region to region, and I spared no time to savor it. However, what sets Pakistan apart is its people who are some of the most hospitable I have had the good fortune to meet.

The assignment was to appraise and value a sixteen-acre site for potential acquisition. The property comprises land on what used to be Walton Airport, located near Model Town, approximately 10 kilometers from the city centre of Lahore. The airport was decommissioned due to safety hazards posed by its proximity to residential areas in the city. The Punjab government allocated the land of Walton Airport for a 99-year lease to the Lahore Central Business District Development Authority (LCBDDA), also known as the Central Business District Punjab (CBD Punjab). This is the first masterplanned central business district in Lahore.

Batches of commercial land plots have been sold off in Punjab CBD at auction since 2021. Despite a deterioration in the economy for the past few years, the market has seen significant demand from investors and developers for the said land plots. The average land price sold at auction in May 2024 was USD 1,766 per square metre.

Originally the site was zoned for commercial use which permits high-density building allowances with towers up to 50 stories. However several years ago the government intervened and rezoned it as a diplomatic quarter for consulates and embassies only. Severe development restrictions included a maximum building height of 2-3 stories which significantly reduces the value of the land within the diplomatic zone, a bitter pill to swallow for CBD Punjab.

Despite this, the zone benefits from high security and good access and is located in an affluent area of Lahore. Investors potentially stand to reap the rewards of significant capital appreciation in the future which is why the auctions have been so successful – investors perceive high-end real estate to be a haven and hedge against a devaluing currency amid political and economic turmoil.

Monthly Blog- July 2024

Charles Whitmee

Rabat is always a pleasure to visit and this time was no exception. For me, of all the cities in Morocco, Rabat is my favourite. The ancient architecture co-exists effortlessly with the modern and it has the feel of a place with a bright future. Without exception, all the business people I met with were ambitious, worldly and, for the most part, at least tri-lingual. In fact, in the 10 years during which I have been coming to Morocco, I have noticed a dramatic improvement in the level of English, particularly amongst younger people.

I was on an assignment, looking at the residential rental market on behalf of a diplomatic client. Rabat is generally seen as one of the most stable residential markets in Morocco and rents, particularly those at the middle to upper end of the market, have shown remarkable resilience over the past five years. This is opposed to other, more seasonally dependent markets such as Tangier and Marrakech. There are a number of factors driving this stability, namely:

• Limited space for development in the most popular areas of Souissi and Hay Riad. This is influenced heavily by town planning regulations which have established green-belt land in these areas. Historically, there were also regulations about buildings not exceeding the height of the royal palace. Whilst these restrictions have been lifted, Rabat is a low-rise city, particularly in the higher income areas.

• Due to the city being the administrative capital, there is a steady demand for high-end residential rentals from diplomatic and NGO missions.

• As a result of this historic stability, the residential market in Rabat is seen by wealthy Moroccans as a strong long-term investment and so buying-to-let is extremely common. This further compounds demand.

Monthly Blog- June 2024

Charles Whitmee

I was looking forward to my first trip to the Gulf and Kuwait did not disappoint. Until the discovery of oil in the 1930’s, Kuwait was best known for the harvesting and trade of pearls. Indeed, the pearl remains a national symbol and is featured in   much of the country’s art and architecture. The most memorable example of this being the extraordinarily opulent Assima Pearls chandelier, located in the Al Assima Mall. As I stood gazing up at the sparkling behemoth, I was told two facts about it. First, that it is the largest chandelier in the world, and second, that it weighs 16 tonnes. The transition from intrigue to terror was abrupt.

I was on an assignment, looking at the office market in Kuwait City. The city itself is by far and away the dominant office market in Kuwait, with around 5.1 million square metres of total office space- accounting for over 77% of all the stock in the country. By comparison, Dubai has around 9.2 million square metres, with Abu Dhabi at 3.9 million square metres. Just as with Dubai and Abu Dhabi, the office market in Kuwait City is highly reliant on the public sector. As of Q1 2024, around 47% of office space in the city is leased to government entities and the market is, therefore, subject to some concentration risk in this regard.

Asking rents have begun to stabilise after falling during and immediately after the pandemic. The market has been spared the continuous downward trend seen in other markets, helped by a concerted effort from the government. For example, in August 2021, the Public Authority for Manpower issued a statement enforcing all public entities to end their “work-from-home” policies, mandating that all public sector workers return to the office. A number of local property experts and landlords with whom we consulted also referenced a cultural element in Kuwait which pushes against working from home, although this is harder to quantify.

While these factors helped somewhat to mitigate the effects of the pandemic on the office market, rents remain around 5-10% lower today than in 2019. In the private sector, there has been more of a shift towards remote and hybrid working and this has caused many large tenants to downsize. This trend has been accompanied by a “flight to quality,” leading to an increase in demand for the highest quality (Grade A+) spaces. Based on our enquiries, I would estimate that vacancy rates for Grade A and Grade A+ offices would between 5-10%. In some cases, such as the Grade A+ KIPCO Tower, there was no office space available to let at all, despite it having over 50,000 square metres of GLA.

Monthly Blog- May 2024

Alex Law

Never in my wildest dreams did I expect to be asked to go to the Caribbean for work! The assignment was on behalf of a government client tasked with acquiring new ambassadorial residences in Barbados and Trinidad. My role was to appraise the residential real estate markets on both islands and provide a clear idea of value to assist the client’s negotiation team. In addition to negotiators, the client flew in a delegation of personnel to appraise the selected properties including an architect, interior designer, building surveyor, and security professionals.

The nine-hour flight from London to Bridgetown is thankfully a painless one. It had been 24 years since I was last in Barbados for the Millennium. Before that I spent my first ten birthdays in Barbados with my family, so this was a trip down memory lane.

The tropical island air is the first thing that hits you when you step off the plane. After dropping my bags and freshening up at the hotel I made for Oistins Fish Market, the go to place on a Friday evening in Barbados. Crowds thronged the marketplace, whilst pumping reggae music, diffused with the aroma of freshly grilled fish and plantain, filled the air. Needless to say, the ninety-minute wait standing in line to be served freshly caught fish was worth the wait.

After meeting the client’s entourage, we set about viewing a dozen shortlisted villas around Sandy Lane, Westmorland’s and Hole Town in Saint James, on the west coast of the island. For security, none of the villas were beachfront properties, which in many ways is a shame, as that’s the main allure of this pristine coastline. A sufficient amount of entertainment space, perimeter walls and disabled access were just some of the prerequisites for each of the short listed 4-5 bedroom villas.

Barbados has been developed dramatically since I was child. What used to be sleepy areas are now packed with resort hotels, condominiums and shopping malls. Sadly, Bridgetown has been left to decay, whilst the more touristy areas up the west coast have been heavily invested in. Taxis, restaurants, and the fact that most supermarket products are imported, contribute to a remarkably high cost of living. The government is working to improve tourism standards which will positively impact the luxury residential market. New government policies are currently being drafted to improve tourist accommodation right across the board. The upcoming World Cup cricket this summer will also drive-up luxury rental accommodation and prices.

Comparable sales data sourced from local agents and valuers indicate realisable values between USD 6,000 – 10,000 per square metre for the type of properties we were appraising: 4–6-bedroom villas with large gardens, pools, and necessary security. By the end of the week our client had successfully selected two villas, agreed Heads of Terms and commenced acquisition negotiations.

Monthly Blog- April 2024

Jasen Leith

If you need to travel then direct flights are the ideal, but there is a finite distance that we can travel on a single flight and so many of us are reliant on super transit hubs for connecting flights. The excitement of travelling to a country gets you through any flight but with a short transfer window the panic can quickly set in as you are required to gallop to the furthest gates (why is that?) and maybe a security check for good measure; too long a transfer period and the ‘’haul effect’’ as I call it takes hold as the journey seems to never end. I am not sure if there is any study that exists that defines the perfect Airport transfer time, but in my experience its between 2 and 4 hours.

After a rousing canter through the entire length of Istanbul airport terminal, I just make the gate and catch my onward flight that ends with an early morning arrival to my hotel. I am in Tashkent, Uzbekistan looking at the office and residential markets.

There is a degree of familiarity with Tashkent as I have visited several times before and I am looking forward to my time here. Ramadan has just finished, and Eid is in full swing, yet I have no problem getting to meet up with Landlords and Developers as I revisit the city commercial and residential sectors.

As mentioned from an earlier visit blog, Tashkent has an abundance of undeveloped land available within the city centre and fringe locations. This is partly due to the fact that the city is relatively low density and is spread out over a large area, a rebuilt city requirement following a devastating earthquake in 1966.

Tashkent City project is the largest single development project in Uzbekistan. It is a city centre site comprising 85 hectares and whilst it was a mere plan in 2019 it has moved onto becoming a landmark location with skyscrapers now puncturing the historically low rise city scape. The tower blocks offer modern office accommodation, luxury apartments and several hotel operators have now taken up residence. Retail is also accompanying the rapid development, as the city has clearly attracted outside interest from numerous international occupiers and retailers who are keen to be part of the country’s growth.

There is clearly a growth in office occupier demand with some 80 plus business centres operating or planning to be open in the next 6 months or so. These centres range from small-scale low-rise centres to the most notable new skyscraper additions of IT Park Uzbekistan completed in 2022 and Pirimat, a mixed-use scheme scheduled for completion mid 2024. Rents for prime offices around USD 40 – USD 45 per sqm and Class B space, by far the largest offering, is still holding strong at USD 25 – USD 35 per sqm per month.

Development of apartments is also quite aggressive. This was noticeable when I visited a former chancery site that we sold in 2019, which was redeveloped into a modern apartment complex. Demand for an apartment in the scheme was so popular that most of the apartments were sold off-plan, a testament to the scheme’s concept and design, its location being adjacent to a city park and a larger more affluent buyer pool looking to live in more modern, accommodation.

Modern apartments, the largest growing residential sector, have quoting sale prices ranging from USD 1,500 per sqm and upwards. In the case of single-family properties, a more dynamic sector now, prices are increasing and are starting at around USD 3,500 per sqm and upwards for the most luxurious properties, but most typically the price range for modern family homes properties in shell and core condition were between USD 1,500 – USD 1,700 per sqm.

Monthly Blog- March 2024

James Charnaud

Abidjan continues to impress me, the level of infrastructure and improvements to the city over the last 10 years is really encouraging. We are here on several projects – a lease renewal, advising on a new headquarter development and an African portfolio optimisation, valuing a logistics park and finishing off the acquisition of a new embassy.

You can sense the positive vibe from the recent hosting (and winning) of the African Cup of Nations by Cote D’Ivoire. Flags are still on the cars and I have never seen so many replica football shirts.

The office market has heated up, prior to 2020 prime rents were always easy to quote “XOF 10,000 per sqm per month”. Then this ceiling was broken and today new or newly refurbished space is achieving XOF17,500 – 20,000 per sqm per month. The Groupe Duval Office Building is now starting to charge for car parking which has traditionally been included in the rental rate in Abidjan. Other landlords have heard of this and are now openly quoting it to us in our negotiations.

The industrial / logistics development has traditionally been around parts of Macory, the Port and Yopougon. Now, new areas are emerging. These are driven by a lack of decent sized units and road improvements. We were involved in a valuation around PK24. A couple of years ago there was some development but we were mainly offered land for sale which was being bought up by speculators. Now you can see the construction of the Y4 Ring Road is in progress and industrial units are being constructed and land purchased by occupiers. Drive off the main Auto Route Du Nord and you will be amazed at how many large plots have been sold to corporations who are looking to build or are building factories.  The price of land has doubled in the last 18 months and the early speculators are reaping the benefits. Rental rates for quality warehouse units are in the €6.75 per sqm per month level with some developers now quoting rates above €7.00 per sqm per month for future delivery.

Monthly Blog- February 2024

Charles Whitmee

This month I travelled to the historic city of Bern, the place where Albert Einstein famously began to develop his Theory of Relativity. The story goes that Einstein was riding on a tram in the city during his time working as a patent clerk. As he looked out of the window, he saw the Zytglogge, a prominent clock tower in Bern's old town.

As Einstein watched the clock tower, he began to ponder the nature of time. He imagined what it would be like to ride alongside a beam of light as it travelled through space. This thought experiment led him to question the classical understanding of time and space, which had been largely defined by the work of Isaac Newton.

Hoping for a similar degree of sublime inspiration from the city, I arrived at Bern central train station and began my project- a residential market analysis and search for a new ambassadorial residence.

The market for residential real estate in Bern is characterized by a notable lack of supply. This applies across the spectrum but is particularly notable at the upper end of the market. All the local agents and experts with whom I consulted mentioned that properties generally will be bought very soon after coming onto the market and achieve their asking prices.

In fact, the high-end market is driving much of the price growth in the city, with unfavourable financing conditions dampening the lower ends of the market. This, combined with limited supply of new or second-hand houses coming onto the market has created a steady upward pressure on prices. According to the Swiss bank BEKB, house prices in the canton of Bern increased by 3.5% in 2023 but this figure jumps to over 9% when looking specifically at the Kirchenfeld neighbourhood, for example.

Kirchenfeld has a reputation for being the most desirable neighbourhood in Bern. It is located across the Aare river from the main area of Bern and has the character of a quiet suburb despite its proximity to the city centre. The average price for houses in Kirchenfeld is CHF 9,454 per square metre, and CHF 10,752 per square metre for apartments. Over recent years, the surrounding neighbourhoods of Sandrain and Brunnadern have grown in popularity and have achieved relative parity with Kirchenfeld regarding prices. Other areas of the city which are becoming increasingly popular with high-income individuals include the northeastern suburbs of Spitalacker, Breitenrain and Lorraine.

Monthly Blog- November 2023

EMC RE’s goal  is to provide real estate services to a western-level of quality across the world.  We are confident that we have unrivalled experience and expertise in the most challenging markets and to date we have worked on-the-ground in 141 countries. 

November saw us travel to 10 countries across Africa and Europe:

• Cyprus to undertake valuations of two HQ building in Nicosia and Limassol for sale and lease back purposes.

• Portugal negotiating a new lease for a government client in Lisbon.

• Romania negotiating a new lease on a prominent residential property in Bucharest

• Armenia to undertake a site search for a new HQ office building.

• Montenegro to value an Embassy and diplomatic residence.

• Morocco to carry out valuations in Rabat, Casablanca and Marrakech for both a government client and a private family estate.

• Burkina Faso to value an apartment complex in Ouaga 2000.

• Cote D’Ivoire to search for a new Embassy site in Cocody and to also finalise a lease renewal in Plato, Abidjan.

• Ghana to carry out a feasibility study on a 50 acre site in Tema and undertake negotiations for the acquisition of a new office building.

• Sao Tome and Principe to finalise the acquisition of a client’s new office.

December is looking like another busy month of travel….. we might even increase the tally of countries we have worked-on-the ground in to 142!

Residential market- Asmara, Eritrea

We were instructed to undertake a review of the residential market in relation to the leasing of a high-end villa in Asmara, the capital of Eritrea.

I flew from the UK to Addis Ababa and then on to Asmara. The planes were pretty much full and a good number of persons and families travelling to Asmara had boarded at Heathrow with me. Visitors to Asmara are almost all Eritreans returning home or visiting family.

Whilst one might expect it to be very hot, the climate in Asmara is in fact quite mild, being the sixth highest capital city in the world. As is normal in this market, the house that I visited had no air-conditioning, but did have open fires (not necessary at this time of year but it can get quite cold).

The city is relatively quiet and totally hassle free in my experience. Eritreans are friendly and helpful. Traffic is light and it is easy to get around using local taxis, although finding places can be a challenge even with a local, as is normal in a lot of African markets.

There are some unusual aspects to visiting as a foreigner to Eritrea, which used to be relatively common in Africa, but which one comes across rarely nowadays:

Credit and debit cards are not accepted so it is cash-only. I bought US Dollars with me and made sure that they were unmarked and pristine, but still got caught out by a rule that banks in Eritrea will not accept notes dated pre-2006.

The place is also extremely challenging from a communications point of view. The internet is very weak and unstable even in the best hotels. International SIM cards do not work in the country, and there is no 3G network.

There is little tourism in Asmara, but many that come here do so for the city’s architecture, as there are some iconic and exceptional art deco and futurist buildings dating from the period when the Italians were in Eritrea. The old Fiat garage is a beautiful thing to see, and I have included a photo that I took of it below.

In relation to the assignment and the real estate market there has been little construction in Asmara since before the Ethiopia-Eritrea war. Around the new Chinese Embassy to the north of the airport there are hundreds of apartments in blocks where construction has stopped and apparently abandoned.

There is very little on-line regarding the market, and no leasing or sales boards to identify availability when you are on the ground. Much of the market is word-of-mouth and there are no estate agent offices to visit, although there are individuals that operate as brokers at street level.

I used a combination of local business contacts, intermediaries and basically everyone sensible who I met to learn about the market and identify availability.

My target areas were the best residential locations in town comprising Tira Volo and Campo Bolo, where pricing for the highest quality residences is as follows:

4-5 bed villa with good-sized garden $4,000 /month

3 bed villa with limited outside space $2,500 /month

3 bed apartment (e.g. Alpha Building, Blue Building) $800 /month

Availability of water on-site and water storage capacity is a big issue in Asmara, and this is one of the reasons for the relatively low pricing of apartments (quality also being a factor). When you view properties, owners are always keen to explain the below-ground and above-ground water capacity.

We provided the client with a full report on the market including a review of the practices relating to leasing which are quite prescriptive (for commercial as well as for residential), and we will be moving forward now to a transactional phase for this project.

For further information please contact James Whitmee: jwhitmee@emc-re.com

Fiat Tagliero in Asmara - stunning futurist former garage

Romania and Moldova in July

We were fortunate recently to be able to combine two assignments within a single trip covering Bucharest, Romania and Chisinau, Moldova.

Flying in to Bucharest it doesn’t take long to realise that local taxi drivers don’t charge local rates to foreign visitors but fortunately the city has a very good underground system which we were able to use to visit various part of the city both cheaply and easily.

Our assignment here was to advise on a lease renewal for a government client.  The property was located in the Primaverii / Dorabanti district which is a prime residential area with many large villas and an area favoured by diplomatic missions.

As usual our research included several hours of legwork, walking around to understand the location of the property within the area and to familiarise ourselves with the nature of the neighbourhood.  We then met with several agents active in the market to not only identify comparable properties but also to understand where the market currently stands and what factors are currently influencing the market.

After making adjustments to reflect various factors we were able to apply the comparable evidence to the subject property to obtain our estimate of the market rent.  We then subsequently met with the landlord organisation to discuss the lease renewal and also to raise various issues which the client required to be addressed at the property.  The meeting was successful and we are now in the process of progressing the lease renewal.

Due to Chisinau’s close proximity to Ukraine there are currently limited flights so we opted to take the train from Bucharest.  Despite the two cities being only c.360 kilometres apart the journey was 13 hours on a sleeper train which turned out to be a remnant from the Soviet era and which felt very much like a trip back in time with the carriages certainly not being affected by any modernisation.  

Our assignment in Chisinau was to update the valuation of a city centre land plot for another diplomatic client.  We had information on comparable land sales and listings but a major factor is the planning designation of each of the lands.

It is common in emerging markets for specific planning designations to be lacking and for regulations to be poorly enforced.  However in Chisinau there is now a designation for every land plot and planning regulations are now being more strictly enforced leading to a greater impact on value.

We have successfully completed a number of assignments in Chisinau and have a very good local company that we work with in this market.  As a result we were able to obtain access to planning designation details and also a document detailing the development permitted for each of the individual planning designations.

Having obtained all the required information, it was off to Chisinau station where there were three destination options shown on the departures board – Kyiv, St Petersburg and Bucharest.  We chose Bucharest and a flight home where in the following week we successfully completed and submitted our update valuation report to the client.

For further information please contact Michael Lowes  mlowes@emc-re.com

Case study: Duqm, Oman

In September 2022, EMC Real Estate was instructed by an oil & gas major to carry out real estate consultancy services on an industrial port in South East Oman called Duqm, located 800 km south of Muscat. Fortunately, I was given the opportunity to carry out the assignment and visit Oman for the first time. As soon as I landed and with a few hours to kill, I headed to the Old Quarter of Muscat, where I visited the Bait Al Zubair Museum, which houses one of Oman's largest art and permanent collections, a window into Omani heritage and culture. Afterwards I visited the old Souk and bought some customary frankincense and rose water. 

The assignment was to provide an initial market & strategy report in the context of a potential acquisition of 50 hectares of land at Duqm Port. The salient points of the report included: 

1. Market overview specific to the location.

2. Rental levels and likely market terms.

3. Likely contracting strategy, duration, ground lease, option agreements etc.

4. Negotiating strategy to secure the land as quickly as possible, without disclosing the name of the client.

5. The scope, timeline, and cost to manage the acquisition.

The client’s intention was to secure the land with the maximum possible future flexibility in terms of both use and duration (e.g. break clause).

With site seeing out of the way, my first 48 hours in Oman were spent in Muscat, where I attended several meetings with various stakeholders including but not limited to: 

1. Asyad HQ: Oman’s global integrated logistics provider, ranked 4th on Forbes’ “10 Biggest Logistics Companies in MENA” list. As a government company, Asyad Group is the logistics arm of the government in Oman. 

2. OPAZ, (Public Authority for Specialist Economic Zones & Free Zones).

3. Savills property consultancy.

4. Port of Duqm HQ.

After two days of meetings in Muscat, I caught the daily red eye flight to Duqm, where I met the Port Authority and the general manager of the ASYAD terminal which was already operational. They gave me a tour of Duqm Port but was refused access to a section of the port where the 50 hectares of subject land was located.

Despite having received clearance from the Port authority in Muscat, this section of the port was operated by OTTCO (Oman Tank Terminal Company), whom it turned out had not been informed, and had their own separate security clearance protocol. It took me 24 hours to convince them to allow me to enter and appraise the subject land. The fact that there was a US Navy warship docked at the ASYAD terminal, didn’t help matters, as the security across checks were even more rigorous.

On returning to Muscat, I met with the principal of OTTCO, who agreed in principle to lease or sell the 50 hectares of land that our client had identified for industrial and shipping purposes. We agreed the next phase of the project would be to introduce our client so that they could explain the project in more detail as EMC had signed an NDA, so we’re not permitted to disclose who our client was, or what their exact intentions were for the land in question.

Key facts about Oman

Key projects and operators

ACME (Green hydrogen project) have acquired a 50-60 sq km piece of land for renewable energy (wind & solar) and are developing a further piece of land for an electrolyser

DEME (Belgium company) in partnership with OQ, also doing a green hydrogen project

Duqm refinery is joint owned by OQ & the government of Kuwait (OQ8)

Renaissance Village: 17,000 beds in Duqm – 6 rials ($15.5) per day per person / x 6 in a room – includes accommodation, laundry & food

Airport: no international flights yet. Talk of Doha – Duqm flight before Covid