Khaleej Oman Real Estate Company (Kore), a RO40 million ($104 million) firm, launced its operations recently.

A signing ceremony was held at the InterContinental Hotel attended by Anil Wadhwa, the Indian ambassador to the sultanate, an Oman Times report said.

The two founding shareholders of the company are Al Tamman Trading Establishment principally owned by Sheikh Salim Mustahail Al Mashani and Amit Enterprises Housing Limited of Pune, India, owned by the Pate family.

Kore is being formed to develop high quality residential and commercial real estate throughout the sultanate, with initial activities planned for Muscat, Sohar and Salalah.

The company is launching its operations with a RO40 million project in Ghala. Integration Capital & Trade of Oman acted as financial adviser to the two parties.