Phase 1 of Oman’s waterfront to be launched
Mina Sultan Qaboos Waterfront will include five hotels, a mall, and a market for SMEs when Phase 1 is completed by 2020
Phase 1 of the Mina Sultan Qaboos Waterfront project will be launched next Wednesday, 16 November, 2016.
The project is an achievement as part of the efforts made by the country to promote the tourism sector.
It is also one of the major projects that provide an important economic dimension on the level of the region, according to the Oman News Agency.
The project has several components that will attract visitors from inside and outside the country.
The project has been divided into four stages.
The first stage, which will be completed by 2020, includes residential and commercial utilities, five hotels, a shopping mall that has coffee shops, restaurants and retail outlets, tourism and leisure utilities, cruise ships service sites, a marina, and a market that will accommodate more than 80 SMEs.
While 51% of the company that has been established to develop the port is owned by Oman Tourism Development Company (Omran), 49% is owned by investors and pension funds.
The land of the project will be contributed by the government while the capital will be provided by the investors.
The waterfront is said to bring many social and economic benefits and is expected to create about 12,000 direct jobs and 7,000 indirect jobs.