Damac-Omran tie up to develop $1bn Oman project
Damac and Omran will work on the redevelopment of the $1bn Mina Sultan Qaboos waterfront development
UAE-headquartered developer, Damac Properties, and Omran, the Omani government's investment and development arm, will work on the redevelopment of the latter's $1bn (OMR385.1m) Sultan Qaboos project.
Mina Sultan Qaboos is a waterfront master-development that features hotels, residences, and food and beverage outlets.
The collaboration will see Mina Sultan Qaboos developed into an integrated tourism hub, it was revealed.
A memorandum of understanding (MoU) was signed by Hussain Sajwani, chairman of Damac Properties, and Dr Ali bin Masoud Al Sunaidy, deputy chairman of the sultanate's Supreme Council for Planning, Minister of Commerce and Industry, and chairman of Omran.
Remarking on the agreement, Sajwani said: "Damac is ideally positioned as the joint development partner of Omran.
"As part of its commitment to the project, Damac will contribute to the local road infrastructure, improving opportunities for local SMEs [small- and medium-enterprises] and Omani nationals, as well as enhancing the economic and social standing of the community as a whole."