Omran signs $1b deal to develop Mina Sultan Qaboos waterfront

Energy Wednesday 21/June/2017 21:10 PM
By: Times News Service
Omran signs $1b deal to develop Mina Sultan Qaboos waterfront

Muscat: Oman’s tourism development body Omran and United Arab Emirates’ (UAE’s) DAMAC have announced a deal to renovate Mina Sultan Qaboos Waterfront and redevelop the historic port into a $1 billion major integrated tourism and lifestyle destination in Muscat.
Get your essential daily briefing delivered direct to your email inbox with our e-newsletter
Oman Tourism Development Company (Omran) has partnered with DAMAC International for the redevelopment of the historic port.
A Memorandum of Understanding (MoU) was signed in the presence of Dr Ali bin Masoud Al Sunaidy, chairman of Omran, Hussain Sajwani, chairman of DAMAC, Dr. Ahmed Al Futaisi, Omran board member, as well as other key dignitaries.
The Mina Sultan Qaboos Waterfront is being redeveloped into an integrated tourist port and lifestyle destination.
It includes hotels, residences, dining, retail, leisure and community facilities set to make it one of the top waterfront destinations in the world.
Al Sunaidy said, “Mina Sultan Qaboos is based in the 200-year-old historical centre of commerce in Muscat and is the most visited tourist destination in Oman. The redevelopment of the port by Omran will build renewed interest and focus in the area, while creating a strong investment proposition for the tourism, real-estate and leisure industries.”
Al Futaisi added: “The transformation of Mina Sultan Qaboos into a thriving economic and tourist hub stems from His Majesty’s vision to move the port’s commercial activity to Port Sohar, paving the way for the redevelopment of the port into an integrated tourist hub.”
During the ceremony, 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 development partner of Omran. 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,” said Sajwani.
DAMAC was chosen by Omran for its experience in developing world-class residential and leisure projects in the Gulf and internationally.
DAMAC’s extensive portfolio of luxury apartments and villas, hotels and international golf courses in its home market of the UAE, Gulf, Levant and the United Kingdom, make it the ideal partner for Mina Sultan Qaboos Waterfront.
With over 18,500 homes delivered and more than 44,000 units in various stages of development, DAMAC has cemented its place as a leading luxury developer in the Middle East.
The partnership is in line with Omran’s role of stimulating tourism and investment growth in Oman by fostering the development of world-class lifestyle destinations that support the country’s national tourism strategy and economic diversification plans.