Aqar Property Developers, a subsidiary of leading Omani firm Al Khonji Holding, is planning to go public with an initial public offering (IPO) next year, said a report, citing a senior official.

Aqar (meaning real estate in Arabic), was created in 2010 as the new identity of one of Muscat’s longest established real estate companies Al Khonji Real Estate & Development.

Aqar is thinking of going public and sharing the profits with the stakeholders in the coming year, the company chairman and CEO Mohammed Abdulla Al Khonji was quoted as saying in the Oman Daily Observer.

"The plan will take off only after we get clearance from the Capital Market Authority and Muscat Securities Market," stated Al Khonji.

As per the legal provisions, 40 per cent can be held by the company and the rest has to be offered to the public.

"As far as we know we are going in that direction and we have to see how easy it is to go public and bring benefits of the family business to a larger clientele, the shareholders," he added.