Oman’s OMRAN, the Oman Government Tourism development company, and UAE-based company DAMAC have announced a development partnership to develop the Mina Sultan Qaboos Waterfront into a $1 billion major integrated tourism and lifestyle destination in Muscat.
It will be part of the overall re-development of the Corniche area in Mutrah Oman. DAMAC properties was founded by Hussain Ali Sajwani in 2002 as a luxury real estate developer and operates in the Gulf Co-operation Council and at Vauxhall in London as well as other countries. The company partners with Trump, Versace, Fendi and Bugatti to develop luxury properties. Its chief financial officer, Adil Mohammed Taqi was previously with Oman’s Muriya Tourism who operate large hotel projects in Muscat and Salalah and Oman’s Alliance Housing Bank. He currently is on the board of several other companies under the same ownership as DAMAC.
A Memorandum of Understanding for Mina Sultan Qaboos Waterfront was signed by HE Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry and Chairman of Omran, Hussain Ali Sajwani, Chairman of DAMAC and Dr. Ahmed Mohammed Salem Al Futaisi, Minister of Transport & Communications under whom the port has been operating. Oman’s Minister of Tourism Ahmed bin Nasser Al Mahrizi attended with the new CEO of OMRAN Peter Walichnowski .
Dr. Ali Al Sunaidy commented “Mina Sultan Qaboos is based in the 200-year-old historical centre of commerce in Muscat and is the most visited tourist destination 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.”
Dr. Ahmed Al Futaisi said “The transformation of Mina Sultan Qaboos into a thriving economic and tourist hub stems from His Majesty’s vision to move the port’s commercial activity to Port Sohar, paving the way for the redevelopment of the port into an integrated tourist hub.”
During the signing, Hussain Ali Sajwani said: “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 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”.