Damac to develop Port Sultan Qaboos

Damac International has been chosen by the Government of Oman to develop its Port Sultan Qaboos into a world-class, waterfront mix use destination through a joint venture with Omran, the government's investment, growth and development arm. 'Mina Sultan Qaboos Waterfront' is being redeveloped into a $1billion integrated tourist port and lifestyle destination that includes hotels, residences, as well as a dining, retail and leisure offering.

A Memorandum of Understanding was signed by Hussain Sajwani, chairman of Damac Properties, and Dr Ali bin Masoud Al Sunaidy, 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 members of the Omran board and key dignitaries.

"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." - business@khaleejtimes.com

Source: Khaleej Times