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News » International » Developer picked for $1bn Oman waterfront scheme » published 23 Jun 2017

Developer picked for $1bn Oman waterfront scheme

The government of Oman has chosen a partner for the US$1bn (£790m) transformation of Port Sultan Qaboos into a mixed-use waterfront development.

Damac International has been chosen to develop the historic port area through a joint venture with Omran, the government’s investment, growth and development arm.

Mina Sultan Qaboos Waterfront is being developed under a US$1bn integrated scheme that includes hotels, residences, as well as a dining, retail and leisure.

A Memorandum of Understanding has been signed for the project.

by, and His Excellency Dr. Ali bin Masoud Al Sunaidy, Deputy Chairman of the Supreme Council for Planning, Minister of Commerce & Industry and Chairman of Omran, in the presence of His Excellency Dr. Ahmed Al Futaisi, Minister of Transport & Communications and Omran board member, as well as other members of the Omran board and key dignitaries.

“This historic agreement reflects the vision of His Majesty Sultan Qaboos bin Said to transform Oman into a world-class tourism and investment destination,” said Hussain Sajwani, chairman of Damac Properties. He added: “As part of its commitment to the project, Damac will contribute to the local road infrastructure, improving opportunities for local SMEs and Omani nationals, as well as enhancing the economic and social standing of the community as a whole.”

Mina Sultan Qaboos Waterfront is based in the 200 year-old historical centre of commerce in Muscat and is one of the most visited tourist destinations in Oman, said Dr Ali bin Masoud Al Sunaidy, deputy chairman of the Supreme Council for Planning, minister of commerce and industry and chairman of Omran. “The redevelopment of the port by Omran will build renewed interest and focus to the area, while creating a strong investment proposition for the tourism, real estate and leisure industries.”

Damac was chosen by Omran for its experience in developing residential and leisure projects in the Gulf and internationally. Its portfolio includes luxury apartments and villas, hotels and international golf courses in the UAE, Gulf, Levant and the United Kingdom.

 

 

MPU

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This article was published on 23 Jun 2017 (last updated on 23 Jun 2017).

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