DAMAC Chosen for USD1 Billion Historic Port Transformation of Oman's Waterfront Tourist Development

Landmark agreement to redevelop Oman's Port Sultan Qaboos into an integrated tourism, residential and leisure destination

MUSCAT, Oman, June 21, 2017 /CNW/ - DAMAC International has been chosen by the Government of Oman to develop its Port Sultan Qaboos into a world-class, waterfront mix use destination through a joint venture with Omran, the government's investment, growth and development arm.

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'Mina Sultan Qaboos Waterfront' is being redeveloped into a USD1 billion integrated tourist port and lifestyle destination that includes hotels, residences, as well as a dining, retail and leisure offering.

A Memorandum of Understanding was signed by Hussain Sajwani, Chairman of DAMAC Properties, and His Excellency Dr. Ali bin Masoud Al Sunaidy, Deputy Chairman of the Supreme Council for Planning, Minister of Commerce & Industry and Chairman of Omran, in the presence of His Excellency Dr. Ahmed Al Futaisi, Minister of Transport & Communications and Omran board member, as well as other members of the Omran board and key dignitaries.

"This historic agreement reflects the vision of His Majesty Sultan Qaboos bin Said to transform Oman into a world-class tourism and investment destination," said Sajwani. "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."

H.E. Dr. Ali Al Sunaidy, said, "Mina Sultan Qaboos Waterfront is based in the 200 year-old historical centre of commerce in Muscat and is one of the most visited tourist destinations in Oman. The redevelopment of the port by Omran will build renewed interest and focus to the area, while creating a strong investment proposition for the tourism, real estate and leisure industries."

H.E. Dr. Ahmed Al Futaisi commented, "The transformation of the port into a thriving economic and tourist hub stems from His Majesty's vision to move commercial port activity to Port Sohar, paving the way for the redevelopment of the port into an integrated tourist hub."

DAMAC was chosen by Omran for its experience in developing world-class residential and leisure projects in the Gulf and internationally. DAMAC's extensive portfolio of luxury apartments and villas, hotels and international golf courses in its home market of the UAE,Gulf, Levant and the United Kingdom, make it the ideal partner for Port Sultan Qaboos Waterfront.

With over 18,500 homes delivered and more than 44,000 units in various stages of development, DAMAC has cemented its place as a leading luxury developer in the Middle East.

Further information is available at http://www.damacproperties.com

Notes to editor: DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002 - bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company's footprint now extends across the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the United Kingdom.

As of 31st March 2017, DAMAC Properties has delivered approximately 18,500 homes. The company has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.

Further information is available at http://www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACofficial) and YouTube.

ABOUT OMRAN

Oman Tourism Development Company (OMRAN) drives investment, growth and development of the rapidly growing tourism and real-estate sectors in the Sultanate of Oman. We are the master planners of major tourism, heritage and urban developments, delivering some of nation's most iconic destinations. Our projects create unique experiences that benefit the social and economic growth of the Sultanate. Omran has a diverse portfolio of developments, hospitality assets and joint ventures that span across the Sultanate and contribute to growing the capacity of the Oman's tourism sector. By working in partnership with local communities and embracing the unique aspects of Oman's culture and heritage, we built sustainability into every project while safeguarding the natural beauty of the country for the future generations.

For more details please visit omran.om

SOURCE DAMAC Properties