When Oman announced a mega $800 million tourism resort project last year, it made waves in the industry and sent a clear signal that the Sultanate intended to keep up – and compete – with its neighbours in Dubai and further up north in Bahrain and Qatar.
A year on and the ambitious $805 million tourism project, called The Wave is getting set for take of, following the decision of Dubai’s Majid Al Futtaim Investments (MAFI) to join hands in the development of its first phase.
The Wave, is an integrated residential and tourism resort planned along a pristine stretch of beachfront stretching from Al Athaiba to Seeb in Muscat Governorate.
Waterfront Investments (WI), representing the Government of Oman, and National Investment Funds Company (NIFCO), representing Omani pension funds and the State General Reserve Fund have teamed up with MAFI to form a joint venture company to launch the project.
Once the new company is incorporated, work will begin to reclaim land, build the infrastructure and construct select landmarks of The Wave such as an 18-hole PGA golf course and a marina with yacht club. The luxury hotels and exclusive villas and condominiums of the resort will be constructed in Phase Two.
The Wave has the potential to launch the Sultanate as an international leisure destination, according to industry experts.
The upscale property, set on 200 hectares along 7.3 km of beachfront, is conceived as an exquisite tourism and residential seafront resort designed to be integrated into the Arabic culture, heritage and geography of Oman.
Development of The Wave, conceived by the state-owned Oman Tourism Development Company (OTDC) with a total investment of RO310 million, will occur in two major phases covering four zones.
For the first stage, a projected total of $82 million will be invested to reclaim some 400,000 sq m of land, develop the infrastructure and build a golf course, marina and yacht club. Next, developers will invest $485 million to construct the hotels, villas, apartments, restaurants, shops and leisure centers for an exclusive resort with a final value of $805 million.
‘‘The Wave captures the essence of this upscale tourism and residential project,’’ says Abdullah bin Abbas bin Ahmad, Head of Muscat Municipality and Chairman of the Oman Tourism Development Company (OTDC). “It reflects Oman’s rich seafaring history and close association with the ocean, as well as the physical shape of the new development.”
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