Oman Tourism Development Company is in advanced phases of negotiation with a number of real estate developers to establish the waterfront projects in Port Sultan Qaboos.
The project value is estimated to reach 500 million RO which is equivalent to 1.3 billion dollars.
An Omani newspaper, Omani Observer, has mentioned that a new company will be launched to run the project developments. The company will be 51 percent owned by Oman while the remaining shares will be owned by investment funds and private investors.
The waterfront project is expected to be completed in 2020. The project will be developed over four stages, the first stage will start by the mid of this year.
The project will feature a number touristic attraction spots like markets, boutiques, restaurants, Oman’s aquarium, and a kids’ entertainment center.
The first phase of the waterfront project will include Mattrah fishermen wharf, fish market, hotel, a four-star family hotel, hotel residential apartments, parking lots, park, and additional amenities.
Many hospitality brands expressed their interests in managing any of the seven hotels to be established in the waterfront including The Address, Hyatt, Hilton, and many other.