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RESIDENTIAL, TOURISM FACILITIES

Damac lands $1bn Oman mixed-use waterfront deal

DUBAI, June 21, 2017

Damac International, a leading property developer in the region, said it has secured a major contract from Omani government to transform one of its key ports into a world-class, waterfront mixed-use destination in a joint venture with Omran, the government’s investment, growth and development arm.
 
The 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 and leisure offering, said Hussain Sajwani, the chairman of Damac Properties, after signing the deal with Dr Ali bin Masoud Al Sunaidy, the deputy chairman of the Supreme Council for Planning, Minister of Commerce & Industry and chairman of Omran in the presence of Dr Ahmed Al Futaisi, Minister of Transport & Communications and Omran board member, as well as other senior officials.
 
"As the second largest developer in the region and with a strong record of international experience, Damac is ideally positioned as the joint development partner of Omran," remarked Sajwani. 
 
"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," he added.
 
Dr Al Sunaidy said Mina Sultan Qaboos Waterfront was located in the 200 year-old historical centre of commerce in Muscat and was one of the most visited tourist destinations 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," he remarked.
 
Dr Al Futaisi pointed out that the transformation of the port into a thriving economic and tourist hub stems from Omani leadership's vision to move commercial port activity to Port Sohar, paving the way for the redevelopment of the port into an integrated tourist hub.  
 
Damac said it 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 Port Sultan Qaboos Waterfront, said Sajwani.  
 
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, he added.-TradeArabia News Service  



Tags: Oman | Damac | tourism | residential |

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