Ominvest plans $1bn resort

Oman's Ominvest has said that it plans to build a $1bn tourism resort in the southern port city of Salalah, Reuters has reported. "The integrated tourist complex will have four hotels and housing units which will be offered for sale to both local and international investors," the firm's chairman, Hani Al-Zubair told the news service. The construction of the resort will start in late 2010 or early next year and it would be built in three phases, he said. We are building a complete town that caters to both local and international visitors," Zubair added.