Oman signs agreement for $1bn tourism complex
As part of its efforts to develop the sultanate's east coast, the Ministry of Tourism of Oman has signed an agreement with Quriyat Development Company for the construction of a $1bn tourism complex
The government of Oman has tapped Quriyat Development Company (QDC) to work on a tourism infrastructure project aimed at further developing the sultanate’s east coast.
Oman's Ministry of Tourism signed on Thursday, 23 March, an agreement with the company to develop the Quriyat Tourism Complex, which has an estimated budget of around $1bn (OMR385m).
The project, which will span 128.23ha, will be constructed in three five-year phases, with $259.7m (OMR100m) allocated for the development of the first phase. The ministry is anticipating the first phase to be completed by 2021.
The project will feature tourism facilities, including three hotels, with a total of 750 rooms, and a nine-hole golf course. The complex will also feature 3,000 residential units, as well as a water park, a boulevard walk, a number of restaurants and cafés, cinema halls, a spa, and a floating dock for marine taxis, which will facilitate transport for visitors.
Commenting on the significance of the Quriyat Tourism Complex, Ahmed bin Nasser al-Mahrizi, Minister of Tourism, said: “This project aligns with the ministry’s efforts to develop the eastern coast of Oman through various tourism projects.
“The development falls within the framework of the tourism strategy of Oman 2040, as well as the National Program for Enhancing Economic Diversification, “Tanfeedh”, which aims at enhancing the natural and cultural elements to grow tourism across Oman.”
Sheikh Hilal bin Khalid al-Ma'awali, chairman of QDC, noted that the Quriyat Tourism Complex is the first freehold ITC project to be announced in Oman since 2010.
The Quriyat Development Company was established as joint venture between Al Madina Real Estate and Fadhaa Al Khaleej Company. Al Madina Real Estate will be the main developer of the project.
Abdul Rahman Barham, CEO of Al Madina Real Estate, said: “The project is designed to achieve a broad number of goals economically and socially. It will significantly boost Quriyat’s presence on the tourism map in Muscat, which in turn will have greatly benefit the citizens of Quriyat.”
He added: “The development will also deliver secure job opportunities, in the three phases, either directly or indirectly. Priority will be given to the youth of Quriyat and the small and medium enterprises.”
Al Madina Real Estate has extensive experience in large-scale real estate and tourism projects, having developed a number of them. One such project is the Tilal complex, which includes the Muscat Grand Mall, the Grand Millennium Hotel, a number of business and residential units, and hotel apartments. Al Madina Real Estate is also developing the Salalah Grand Mall.