OMAN $1 bn deal to remake Mina Sultan Qaboos waterfront

21/06/2017

Oman Tourism Development Company (OMRAN) has partnered with Dubai-based DAMAC International for the redevelopment of the historic Port Sultan Qaboos into a world-class, waterfront mix use destination.

‘Mina Sultan Qaboos Waterfront’ is being redeveloped into a $1-billion integrated tourist port and lifestyle destination that includes hotels, residences, as well as a dining, retail, leisure and community facilities that is set to make it amongst the top waterfront destinations in the region.

A Memorandum of Understanding was signed in the presence of Dr Ali bin Masoud al Sunaidy, Chairman of OMRAN, Hussain Sajwani, Chairman of DAMAC, Dr Ahmed bin Mohammed al Futaisi, OMRAN board member, as well as other key dignitaries. Dr Al Sunaidy said, “Mina Sultan Qaboos is based in the 200-year-old historical centre of commerce in Muscat and is the most visited tourist destination 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.”

Dr Al Futaisi said, “The transformation of Mina Sultan Qaboos into a thriving economic and tourist hub stems from His Majesty’s vision to move the port’s commercial activity to Port Suhar, paving the way for the redevelopment of the port into an integrated tourist hub.”

During the ceremony, Hussain Sajwani commented, “This historic agreement reflects the vision of His Majesty Sultan Qaboos bin Said to transform Oman into a world-class tourism and investment destination.”

“As the second largest developer in the region and with a strong record of international experience, DAMAC is ideally positioned as the development partner of Omran.

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,” said Sajwani.

DAMAC was chosen by Omran for its experience in developing world-class residential and leisure projects in the Gulf and internationally.

DAMAC’s extensive portfolio of luxury apartments and villas, hotels and international golf courses in its home market of the UAE, Gulf, Levant and the United Kingdom, make it the ideal partner for Mina Sultan Qaboos Waterfront.

With over 18,500 homes delivered and more than 44,000 units in various stages of development, DAMAC has cemented its place as a leading luxury developer in the Middle East.

The partnership is in line with OMRAN’s role to stimulate tourism and investment growth in Oman by fostering the development of world-class lifestyle destinations that support the country’s national tourism strategy and economic diversification plans.