Omans Al-Khonji Real Estate & Development (Aqar) has signed an agreement to lease land in the Duqm Special Economic Zone for the development of a mixed-use scheme.
The $1bn scheme, which is set to comprise tourism, residential and retail facilities, will be developed on a 661,000 square metre plot of land.
The upcoming project will include a mix of hotels, villas, residential units, commercial complexes and an amusement park, according to a company statement.
For the first phase, a three-star hotel is being planned by Aqar which is expected to be completed in the first quarter of 2019.
An amusement park will be added to the development next year, while health complexes are planned by 2022.