A number of high profile brands in the hotel industry have expressed an interest to manage one of the seven iconic hotels planned for the Mina Sultan Qaboos Waterfront Project, a report said.

An OR500 million ($1.29 billion) tourism-based mixed-use waterfront destination, the Mina Sultan Qaboos Waterfront Project will be developed over a 101-hectare site in the Sultan Qaboos Port, Times of Oman reported.

Among the global hospitality brands intending to manage a hotel of the project are Emaar group’s The Address, the Mandarin Oriental Hotel Group, Hyatt, Viceroy Hotels and Resorts, Hilton Hotels and Resorts, Taj Hotels Resorts and Palaces, Banyan Tree Luxury Hotels and Resorts, Chedi and Four Seasons.

The waterfront destination will be developed over four phases, with construction of phase one beginning in mid-2016 and its completion expected in 2020, it said.

Phase one will include a number of entertainment and lifestyle attractions such as an SME Incubator-Arts, crafts and organic farmers market (Emporium), a tourism visitor’s centre, boutique and destination shopping, restaurants and cafes, a marine heritage visitor centre featuring the tall ship Shabab Oman, Oman’s aquarium and an extensive children’s entertainment village.

The first phase of development will also see a Muttrah fisherman’s wharf, a fish souq (market), a five-star marina hotel with a yacht club and marina, a four-star family hotel, hotel-operated residential apartments, starter apartments for first time home buyers, with extensive parking and park and ride locations, the report said.

“Following the recent announcement of the project, we’ve been very heartened by the strong expressions of interest shown by prominent local investors. By taking a position in the waterfront development, investors clearly understand the attractive and enduring returns on offer with this state backed project. Our priority is to offer opportunities to local investors, followed by the regional and international investment community,” said Salah Al Ghazali, chief investment officer at Omran.

Omran is looking to establish a dedicated investor relations task force to field additional interest from private sector investors for the Mina Sultan Qaboos Waterfront Project. It will also establish a new company to develop the waterfront project, of which 51 per cent will be owned by Omran, and the remaining 49 per cent by pension and investment funds, together with private sector investors.