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Sat 26 Mar 2016 11:20 AM

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Oman chases investments in $800m Urban City project

Oman Tourism Development Company presents to 500 investors on Madinat Al Irfan Urban City project

Oman chases investments in $800m Urban City project

Oman's master development and tourism company has announced more details of its plans to build a $800 million project located next to Muscat International Airport.

Oman Tourism Development Company, better known as Omran, said it is set to identify specific investment opportunities within the landmark development called Madinat Al Irfan Urban City.

It said investment opportunities offered will include commercial and office buildings, retail malls, district cooling plants, hotel plots, recreational and civic facilities along with residential and hotel developments.

The first phase of the mixed-use development will be the Oman Convention and Exhibition Centre that is scheduled for opening by the fourth quarter of this year.

The investment opportunities will be discussed at the Oman Economic Forum which is being organised by the Ministry of Commerce and Industry and the Al-Iktissad Wal-Aamal Group in cooperation with the State General Reserve Fund.

Omran will present to 500 regional and international investors attending the event, in addition to delegates from 100 global Soverign investment funds in the Co-Investment Roundtable of Sovereign and Pension Funds conference that coincides with the forum. There will also be delegations from China, Japan, Iran, Turkey and other Asian countries.

Salah Al Ghazali, chief investment officer, Omran, said the event is also expected to draw investor interest for Omran's Mina Sultan Qaboos Waterfront project, which is an integrated mixed use waterfront destination benchmarked against developments such as the V&A Waterfront in Cape Town and the Palm Jumeira in Dubai.

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