ETA Star plans $1bn Muscat project

JOINT VENTURE: ETA Star is teaming up with Oman Holding International to build a $1 billion project in Muscat (pictured). (Getty Images)

Dubai-based ETA Star Properties plans to build a 400 million rial ($1.04 billion) development in Muscat in a joint venture with a local firm, a project official said on Monday.

"It is going to be a 50-50 percent joint venture with Oman Holding International to build the properties. The flats and villas for sale will be sold to both local and international investors," Maqbool Hameed alSaleh, OHI chairman, told newswire Reuters.

The 1,000 unit project including residential, office and retail space, would take 30 months to complete and is located in the centre of the Omani capital, he added.

ETA Star Property is currently developing over 30 million square feet of property around the Middle East and Asia, including in the United Arab Emirates, India, Sri Lanka, Pakistan and Turkey. (Reuters)

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