Damac International has been selected to develop Port Sultan Qaboos in Oman into a mixed-use waterfront destination through a joint venture with Omran, the Omani government’s investment, growth and development arm.
‘Mina Sultan Qaboos Waterfront’ is being redeveloped into a $1 billion integrated tourist port and lifestyle destination that includes hotels, residences, dining, retail and leisure.
Hussain Sajwani, chairman of Damac Properties commented: “This historic agreement reflects the vision of His Majesty Sultan Qaboos bin Said to transform Oman into a world-class tourism and investment destination.
“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.”
His Excellency Dr. Ali bin Masoud Al Sunaidy, deputy chairman of the Supreme Council for Planning, Minister of Commerce & Industry and chairman of Omran, 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.”
His Excellency Dr. Ahmed Al Futaisi, Minister of Transport & Communications and Omran board member, added: “The transformation of the port into a thriving economic 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.”
Damac’s portfolio comprises luxury apartments and villas, hotels and international golf courses in the UAE, Gulf, Levant and the UK.
The company has delivered more than 18,500 homes and has over 44,000 units at various stages of development.
