Dentons has advised Muscat National Development Company (ASAAS) on the acquisition of a 150ha plot of land in Barka, Oman.
ASAAS intends to use the plot to develop a mixed-use project that features a “world-class theme park”.
The cooperation agreement was signed in December 2016. The seller is a Muscat Financial Corporation Ltd group company, according to Dentons.
Nick Simpson, co-managing partner and head of corporate at Dentons’ Muscat office, said: “Advising on the tourism and real estate sectors is one of Dentons’ key capabilities and we are delighted to contribute to the government’s initiative to develop these areas.
“ASAAS has very strong real estate expertise, which will stimulate economic revitalisation and certainly benefit the community,” he added.
The transaction involved members of Dentons’ Muscat-based corporate team, including Simpson and senior associate, Darshi Sanganee.
ASAAS was founded in 2014 through the concerted efforts of 10 government entities. The body aims to increase the economic contributions that non-oil sectors make to Oman’s economy.