Muscat—Dentons advised Muscat National Development and Investment Company SAOC (ASAAS) on the acquisition of a plot of land measuring 1.5 million square meters (Land) located in Barka, Oman. The seller is a Muscat Financial Corporation Limited group company. The cooperation agreement was signed in December 2016 and as a part of the agreement ASAAS shall be responsible for developing the Land.

Muscat National Development and Investment Company SAOC (ASAAS) was founded in 2014 through the concerted efforts of ten key government entities. The company aims to increase the economic contributions of the non-oil and gas sectors by identifying new opportunities and intelligent solutions that meet public needs. ASAAS plans to develop a mixed-use development with a world-class theme park on the Land.

Nick Simpson, Co-Managing Partner and Head of Corporate in Dentons' Muscat office, commented, "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.”

The transaction involved members of Dentons' Muscat Corporate team, primarily partner Nick Simpson and senior associate Darshi Sanganee.