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Wed 17 Mar 2010 09:38 PM

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Oman's Ominvest plans $1bn tourist resort

Resort to have four hotels and housing units which will also be offered for sale.

Oman's Ominvest is planning to build a $1 billion tourism resort in the southern port city of Salalah, the company's chairman said on Wednesday.

Talking to Reuters at the sidelines of an investment forum, Hani Al Zubair said: "The integrated tourist complex will have four hotels and housing units which will be offered for sale to both local and international investors."

Without giving details of the project's funding, Zubair added: "The cost will be $1 billion."

The construction of the resort will start in late 2010 or early next year and it would be built in three phases, he said.

Zubair said: "We are building a complete town that caters to both local and international visitors."

Other resort developments in Oman include the Wave, Barr Al Jissah and Muriya. (Reuters)

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