Oman advances investment in US$1.3 billion waterfront project

The Oman Tourism Development Company (Omran) is in advanced stages of negotiations with a number of private sector players for investment in its RO500-million (US$1.3 billion) Port Sultan Qaboos Waterfront Project.

According to the Oman Observer, a new company is being set up to develop the project, with 51% owned by Omran, and the remaining 49% taken up by pension and investment funds, together with private sector investors.

The mammoth waterfront destination will be developed over four phases, with construction of Phase One beginning in the middle of this year and completion set for 2020.

The first phase will boast a number of entertainment and lifestyle attractions that will generate significant footfall and make the waterfront a day-long visitor experience.

These include leisure and entertainment facilities such as an SME (small and medium enterprises) incubator, arts, crafts and organic farmers market, a tourist visitor centre, boutique and destination shopping, restaurants and cafes, a marine heritage visitor centre featuring the tall ship Shabab Oman, Oman’s aquarium and an extensive kid’s entertainment village.

Additionally, Phase One also includes Mattrah fisherman’s wharf, fish suq, a five-star marina hotel with a yacht club and marina, a four-star family hotel, hotel-operated residential apartments, starter apartments for first time home buyers with extensive parking and park and ride locations.

Omran has already received expressions of interest from leading global hotel operators to manage one of the seven waterfront hotels (five, four and three-star hotels).

The major players in the race include The Address (Emaar), Mandarin Oriental Hotel Group, Hyatt, Viceroy Hotels and Resorts, Hilton Hotels & Resorts, Taj Hotels Resorts and Palaces, Banyan Tree Luxury Hotels and Resorts, Chedi and Four Seasons.

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