The Government of Oman has signed a memorandum of understanding (MoU) with DAMAC International to transform the country's Port Sultan Qaboos into a mixed-use waterfront destination.
DAMAC International will also form a joint venture with the government’s investment, growth and development branch Omran in order to carry out the $1bn transformation project.
The redevelopment will feature an integrated tourist port and lifestyle destination once completed, which is set to include a number of hotels and residences, as well as a dining, retail and leisure offering at the Mina Sultan Qaboos Waterfront.
The waterfront is based in the 200-year-old historical centre of commerce in Muscat, Oman, and the proposed redevelopment project is expected to attract additional investment to the area.
DAMAC Properties chairman Hussain Sajwani said: “This historic agreement reflects the vision of His Majesty Sultan Qaboos bin Said to transform Oman into a world-class tourism and investment destination.
“As the second largest developer in the region and with a strong record of international experience, 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 and Omani nationals, as well as enhancing the economic and social standing of the community as a whole.”
Port Sultan Qaboos is currently being managed and operated by Port Services under a concession agreement with the Government of Oman.
Image: DAMAC International and Oman government representatives. Photo: courtesy of DAMAC.