Oman launches US $ 15 billion Blue City project
Al-Sawadi Investment and Tourism Company (ASIT) inaugurated at Al-Bustan Palace hotel Saurday "Al-Madinah Al-Zarqa" (Blue City) project worth US $ 15 billion. The launching ceremony was held under the auspices of Ahmed bin Abdul-Nabi Macki, Oman's Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council.
The project comprises the building of an integrated city at Al-Sawadi in the wilayat of Barka. It will take 5 to 10 years to complete. The project will be built on an area of 34 square kilometers. It will cater for 200,000 persons, ONA reported.
In a press conference jointly held with Anis bin Issa al-Zadjali, ASIT board member and managing director and other company officials at Muscat Grand Hyatt hotel, Mohsin bin Khamis al-Balushi, tourism Ministry undersecretary said this project is a mixture of tourist, real estate and entertainment facilities.
Al-Zadjali said this project will help boost the Omani economy by attracting foreign investments, availing jobs for citizens and providing Omani establishments and companies with an opportunity to contribute to developing the city. He hoped that Al-Madina Al-Zarqa project would be listed as a joint stock company.
The first phase of the project costing US $ 1,8 billion will cover 8 square kilometer. It includes 5 luxuriant resorts and hotels, a club, a golf field, a museum, an aquarium and a housing resort with around 1,000 housing units.