Dubai-based Damac Properties has been chosen by the Government of Oman to develop its $1 billion Port Sultan Qaboos waterfront project through a joint venture with Omran, the government's investment, growth and development arm.
Mina Sultan Qaboos Waterfront is being redeveloped into an 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 Dr Ali bin Masoud Al Sunaidy, deputy chairman of the Supreme Council for Planning, Minister of Commerce & Industry and chairman of Omran.
"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 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."
Al Sunaidy added: "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."
Damac said it currently has delivered over 18,500 homes and has more than 44,000 units in various stages of development.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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