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Damac lands $1bn Oman mixed-use waterfront deal

Oman - June 22, 2017
Damac
Leading property developer Damac International has landed a major contract with the Omani government to transform one of its key ports into a world-class, waterfront mixed-use destination.
The agreement was made as a joint venture with Omran, the government’s investment, growth, and development arm. The deal was signed between Hussain Sajwani, the chairman of Damac Properties, and Dr Ali bin Masoud Al Sunaidy, the deputy chairman of the Supreme Council for Planning, Minister of Commerce & Industry and Chairman of Omran in the presence of Dr Ahmed Al Futaisi, Minister of Transport & Communications and Omran board member, as well as other senior officials.
The ‘Mina Sultan Qaboos Waterfront’ will be redeveloped into a $1-billion integrated tourist port that features hotels, residences, as well as a dining, retail and leisure venues.
Sajwani noted: “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,” he added.
Damac was chosen for the project because of its impressive portfolio that includes apartments and villas, hotels and international golf courses in the UAE, Gulf, Levant and the United Kingdom. The company has delivered more than 18,500 homes and currently has over 44,000 units in various stages of development.

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