Fairmont to build $100mn Oman hotel

Canada-based group, controlled by Prince Alwaleed, signs deal to be part of the Wave Muscat project.
Fairmont to build $100mn Oman hotel
By Saleh al-Shaibany
Thu 12 Jun 2008 03:05 PM

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)

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