Muscat announces four more projects

02 June 2006

Government-owned Oman Tourism Development Company and Egypt's Orascom Hotels & Development have formed a 70:30 joint venture (JV), called Muriya, to develop four tourism projects in the sultanate. The local Fincorp is the financial adviser.

The projects will be located at Qurum in Muscat, Salalah, Sifah and Al-Soda. The Qurum scheme covers a 250-room luxury hotel, a 35,000-square-metre mall, a six-screen cinema, and office and retail outlets. In Salalah, the JV will develop a resort with five hotels, a marina and an 18-hole golf course while in Sifah, Muriya will build four hotels and a golf course. At Al-Soda Island, a luxury resort is planned.

The government also has a stake in Oman's flagship tourism project, The Wave, in which Dubai-based Majid al-Futtaim Investments is a 50 per cent shareholder. A tender is due to be issued for site preparation work on the estimated $1,000 million project near Seeb.

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