Property developer plans to build luxury hotels, souks, marinas, yacht club, residential units
Qatari Diar, the property arm of Qatar's sovereign wealth fund, said on Monday it has signed a memorandum of understanding (MoU) with Oman's Ministry of Tourism to develop three mixed-use developments in the sultanate.
The Ras Al Hadd development in the Sur district, which forms part of the latest agreement, will feature a five-star hotel and spa, residential villas, apartments, souks, a marina and villa plots.
The second project will include a five-star luxury resort hotel and spa as well as residential villas and apartments.
The third project will consist of a yacht club and marina, a sports academy, and three boutique hotels, the developer said in a statement.
The deal also establishes a partnership of 70/30 between Qatari Diar and Omani Ministry of Tourism on the three projects, it added.
Qatari Diar Group CEO Mohammed bin Ali Al-Hedfa said: "We are extremely thrilled with the signing of this MoU, which signifies our commitment to investing in the tourism sector of the brotherly state of Oman.
"It is an important country to us, and one full of promises," he added.
Qatari Diar is currently developing or planning 49 projects in 29 countries around the world.
The property firm, whose worldwide portfolio includes 49 projects valued at over $39bn, pushed aggressively into Europe last year, buying the athletes' village in London's Olympic park for $906m along with UK developer Delancey Estates.