Damac picked for $1bn Oman waterfront deal

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Damac picked for $1bn Oman waterfront deal

DAMAC International has been chosen by the Government of Oman to develop its Port Sultan Qaboos into a world-class, waterfront mix use destination through a joint venture with Omran, the government’s investment, growth and development arm.

‘Mina Sultan Qaboos Waterfront’ is being redeveloped into a USD1 billion integrated tourist port and lifestyle destination that includes hotels, residences, as well as a dining, retail and leisure offering.

A Memorandum of Understanding was signed by Hussain Sajwani, Chairman of DAMAC Properties, 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 Sajwani. “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. 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.”

H.E. Dr. Ali 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.”

H.E. Dr. Ahmed Al Futaisi commented, “The transformation of the port into a thriving economic and tourist hub stems from His Majesty’s vision to move commercial port activity to Port Sohar, paving the way for the redevelopment of the port into an integrated tourist hub.”

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 Port 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.

Source: www.damacproperties.com

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