The new Mina Sultan Qaboos Waterfront Project in Oman has attracted plenty of interest from operators.
The hotel industry’s big boys have come forward, showing keen interest to manage the US $1.29 billion (OMR 500million), one of the seven hotels of the Mina Sultan Qaboos Waterfront Project in Oman.
Times of Oman reported that Emaar group’s The Address, the Mandarin Oriental Hotel Group, Hyatt, Viceroy Hotels and Resorts, Hilton Hotels and Resorts, Taj Hotels Resorts and Palaces, Banyan Tree Luxury Hotels and Resorts, Chedi and Four Seasons have shown interest in developing one of the seven iconic hotels coming up at the Mina Sultan Qaboos Waterfront Project, said Omran, the group given the task of developing tourism in Oman.
Omran has boosted resources to establish a dedicated investor relations task force to field additional interest from private sector investors for the Mina Sultan Qaboos Waterfront Project and is also set to establish a new company to develop the waterfront project, 51% of which is owned by Omran, and the remaining 49% by pension and investment funds, together with private sector investors.
“In this era of low interest rates, and low returns on more traditional investments, investors are looking for new markets and avenues to provide healthy and secure sustainable and recurring returns,” Salah Al Ghazali, chief investment officer at Omran, said.
“Following the recent announcement of the project, we’ve been very heartened by the strong expressions of interest shown by prominent local investors. By taking a position in the waterfront development, investors clearly understand the attractive and enduring returns on offer with this state backed project. Our priority is to offer opportunities to local investors, followed by the regional and international investment community,” he added.
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The tourism-based mixed-use waterfront project, will be developed over a 101-hectare site in the Sultan Qaboos Port, which will boost the tourism sector, provide sustainable employment for citizens and set new standards for authentic waterfront destinations in the region.
“This really is a project of national significance, and will be considered as one of the prime visitor destinations in the region when phase one opens by 2020 ahead of the World Expo in Dubai in 2020. Expo Dubai is expected to deliver an additional 25 million visitors to Dubai and Omran is planning its marketing and project delivery to ensure its readiness for this influx of international tourism to the region. The international hotel operators have clearly taken notice, and we are pleased to be talking with some of the leading names in the industry to operate the iconic waterfront hotels,” he said.
“The development will maintain the heritage and authenticity of the destination while adding modern components to completely reinvigorate the Muttrah Corniche. The project, in essence, is developed for local and global audiences, with all the uniquely Omani heritage and hospitality elements firmly incorporated,” he added.
The waterfront destination will be developed over four phases, with construction of phase one beginning in mid-2016 and its completion expected in 2020, Oman’s national daily reported.
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