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, a memorandum of understanding (MoU) between the government and Majid Al Futtaim Investments (MAFI) was signed Tuesday to develop the US$ 90 million phase one of the Wave Seafront Resort.
The MoU was signed by Eng. Abdullah bin Abbas bin Ahmed, President of the Muscat Municipality and Board Chairman of the Waterfront Investments (WI), for the Sultanate’s government, Tariq Majid Al-Futtaim, Group Vice-President MAFI for the strategy partner and Warith bin Mubarak al Kharousi, Chairman of the National Investments Funds Company (NIFCO) for his company, ONA reported.
According to the MoU, a sum of RO. 35 million ($90 million) will be invested in phase one of the Wave which is a new integrated residential and tourism resort to be developed on several kilometers of pristine coastline between Al A’saiba and Al Hail North.
The Waterfront Investments (WI) representing the Sultanate’s government, national pension funds (represented by NIFCO) and the State General Reserve Fund have agreed to team up with private investor Majid Al Futtaim Investments (MAFI) from the UAE to form a joint venture company to launch the Wave.
Eng. Abdullah bin Abbas bin Ahmed, the WI Board Chairman, said once the new company is incorporated, work will begin to reclaim land, build the infrastructure and construct select landmarks of the Wave such as an 18 hole PGA Golf course and a marina with a yacht club.
He added luxury hotels, exclusive villas and condominiums of the resorts overlooking the Gulf of Oman will be constructed in phase two. The total cost of the Wave project will amount To RO. 305 million including its RO. 186 million to be spent during second phase. (menareport.com)
© 2004 Mena Report (www.menareport.com)
