Damac says construction imminent on Oman's $1bn Mina Sultan Qaboos
The Dubai developer told CW that work on the regeneration project will start "very soon"
Dubai-listed developer Damac said construction work on its first regeneration project, Mina Sultan Qaboos Waterfront in Oman, will start “very soon”.
Preliminary building work for the $1bn (AED3.6bn) mixed-use waterfront development in Muscat is imminent more than year after the developer was selected by Oman’s government to transform the historic port, which ceased commercial activities in 2014.
In 2017, Damac confirmed it would embark on a multi-phase mission to turn Port Sultan Qaboos into a tourism and investment destination through a joint venture with Omran, the Omani government’s tourism investment, growth, and development arm.
Negotiations with the government and a shareholder agreement followed, Wael Al-Lawati, senior vice president of international development at Damac Properties, told Construction Week at Cityscape Global 2018.
He continued: “It’s been a year of negotiations, of studying the project, and of understanding what products would perform well in the market. We hope to be starting very soon on site.
“The project will be built over multiple phases; the exact number of units [to be built] is still being discussed with the government. Key to our discussions is ensuring that the roads can handle a project of this size.
“We’ve had numerous studies done by WSP and SSH. We are also contributing toward improving the roads at our expense.
“We had to look at the integrity of the port, so this included the breakwater and the key walls. All of that has been done and all our findings have been reasonable regarding the safety of building on site.”
Mina Sultan Qaboos Waterfront is a project that followed Oman's decision to move commercial port activity to the deep-sea Sohar Port, located in Oman's Al Batinah North Governorate.
Cityscape Global 2018 is being held at Dubai World Trade Centre on 2-4 October.