The government of Oman has chosen Dubai property developer Damac to partner with state-owned investment company Omran in the construction of a $1bn tourist complex in Muscat.
The Port Sultan Qaboos project, which was concept-designed by UK engineer Atkins, is to be an "integrated tourist port and lifestyle destination" that will include six hotels, villas and a range of leisure and retail offerings over 35ha.
A memorandum of understanding was signed by Hussain Sajwani, the chairman of Damac, and Ali bin Masoud Al Sunaidy, minister of commerce in the presence of Ahmed Al Futaisi, minister of transport and communications (pictured above).
Sajwani commented: "This historic agreement reflects the vision of His Majesty Sultan Qaboos bin Said to transform Oman into a world-class tourism and investment destination.
"As the second largest developer in the region and with a strong record of international experience, Damac is ideally positioned as the joint development partner of Omran."
(Left to right) Hussein Sajwani, Ali bin Masoud Al Sunaidy and Ahmed Al Futaisi (Damac)
Al Sunaidy said: "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. 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."
Oman launched its "international tourism strategy" last year, with the aim of increasing visitor number from 2.6 million now to 11.7 million by 2040, and raising the hospitality industry’s contribution to GDP from 2.6% to more than 6%.
Top Image: Atkins’ design of the redeveloped tourist port