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FINANCIAL NEWS
Omani Daqum set to invest USD777m for renovations
31 Aug 2014
(MENAFN) Omani Duqm’s Special Economic Zone is set to invest USD777.18 million in developing various tourism projects in order to attract tourists and investors, The Times of Oman reported.
The Special Economic Zone Authority (SEZAD) has prepared an area of 25 square kilometers for tourism projects by providing it with electricity, water, roads and communications. The tourist area has 19km marine front, with several hotels and tourist houses already been built in the area.
The new projects by SEZAD are set in the anticipation that the tourism sector will flourish once the Daqum Port is completed and fully operational for cruise ships and marine ships in 2016, which will enable the city to attract more cruise ships, particularly businessmen, recreational and environmental trips.
Meanwhile, Al Madinah Real Estate Company is building a tourist project, which will include a shopping center, hotel apartments, residential complex and golf course and is expected to cost of USD181.342 million. The project will be implemented in four stages.
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