Qatari Diar Real Estate Investment Company has signed an agreement with Omans Tourism Ministry to develop Ras al-Hadd, a multi-use eco-themed tourism project.
The agreement establishes Qatari Diar Ras al-Hadd Development Company, in which Qatari Diar owns a 70 per cent stake and Oman Tourism Development Company (Omran) the remaining 30 per cent.
The masterplan, developed in 2005 by Lebanese firm Dar al-Handasah, includes a wildlife preservation and observation park, a marine life park, and a heritage village, as well as hotels, and retail and leisure facilities. It covers 2 million square metres.
Designs for the developments prioritise sustainability and responsible tourism management.
The Omani government is investing heavily in developing the sultanates tourism industry to create jobs and diversify its economy.