Oman's government investment arm and a unit of Britain's Equest Investment Balkans are building an 800 million euro ($1.1 billion) ski resort in Bulgaria, an Omani government official said on Sunday.

'State General Reserve Fund (SGRF) owns 40 percent of the project and the other major investor is Equest,' the government official close to the project, who declined to be identified, told Reuters.

'The resort, just one hour from Sofia airport, is expected to be completed in 2012,' he added.

Equest Investment invests in property in the Balkan region. SGRF, the Omani government investment arm run by the ministry of finance, bought a controlling stake in Equest in early 2009. - Reuters