The selected developer will take a 49 per cent stake in the project company, with the remainder held by state-owned Oman Tourism Development Company (OTDC), which hopes to choose a preferred bidder by the end of June. ME Strategy Consultants, part of Warsaw-based CII Group, is OTDC adviser.

The Wave, a cornerstone of the government's efforts to develop tourism in the sultanate, will cover an area of 2 million square metres along seven kilometres of coastline, offering luxury hotels, residential properties, marinas and a golf course (MEED 30:4:04).