The project, which is represents the South Korean group’s first venture into real estate, could cost up to $20bn. No details have been revealed but the project is expected to involve both hotels and residential areas.

Muscat already has plans to build a refinery and oil export terminal alongside the expanded port facilities at Duqm. A planned airport will serve tourist and cargo purposes.

Daewoo has been attached to the Duqm dry dock project since 2006 when it was appointed as consultant on the scheme. Earlier this year, the company’s joint venture with the Omani group Galfar Engineering & Contracting won the contract to build the ship repair site itself (MEED 30:1:08).