Damac International has been selected by the Oman government to develop its Port Sultan Qaboos into a US$ 1 billion integrated tourist port and lifestyle waterfront destination that will include hotels, residences, dining and retail offerings.
The Mina Sultan Qaboos Waterfront project will be handled by Damac through a joint venture with Omran, the government's investment body.
Hussain Sajwani, chairman of Damac Properties, and His Excellency Dr. Ali bin Masoud Al Sunaidy, deputy chairman of the Supreme Council for Planning, Minister of Commerce & Industry and chairman of Omran, signed a memorandum of understanding in the presence of His Excellency Dr. Ahmed Al Futaisi, minister of transport & communications and Omran board member, as well as other Omran board members and key dignitaries.
Damac was chosen by Omran for its experience in developing residential and leisure projects in the Gulf and internationally.
This historic agreement reflects the vision of His Majesty Sultan Qaboos bin Said to transform Oman into a world-class tourism and investment destination, said Sajwani. 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.
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.
H.E. Dr. Ali Al Sunaidy said: Mina Sultan Qaboos Waterfront is based in the 200-year old historical centre of commerce in Muscat and is 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.
H.E. Dr. Ahmed Al Futaisi commented: The transformation of the port into a thriving economic and tourist hub stems from His Majesty's vision to move commercial port activity to Port Sohar, paving the way for the redevelopment of the port into an integrated tourist hub.
As of March 31, 2017, Damac Properties has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, Damac Hotels & Resorts.