Canada-based Fairmont Hotels and Resorts, controlled by Saudi billionaire Prince Alwaleed, signed a deal on Thursday to build a $100 million hotel in Oman.The hotel will be part of the Wave Muscat development, a project which will include an 18-hole golf course designed by Greg Norman.
The deal was signed by officials from the Wave, which is being built over an area of 2,5 square km.
Oman has said it was looking to raise tourism revenues to 2.5 percent of gross domestic product in 2008.
The industry's revenue stood at $851.9 million in 2007. Oman attracted about 650,000 tourists in 2007, 12 percent more than the previous year.
The Wave Muscat is a joint venture between Oman's Waterfront Investments, National Investment Funds Co and UAE's Majid Al Futtaim Group. (Reuters)For all the latest travel 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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