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FINANCIAL NEWS
Qatari Diar to build three mixed-use projects in Oman
10 Jul 2012
(MENAFN) Qatari developer Diar said it is set to access the Omani tourism sector with three developments, Arabian Business reported.
The development arm of Qatar Investment Authority has inked a memorandum of understanding (MoU) with Oman’s Ministry of Tourism to develop three mixed-use developments in the sultanate.
The developments include the Ras Al Hadd project in the Sur district, which will comprise five-star hotel and spa, residential villas, apartments, souks, a marina and villa plots, Diar said in a statement.
The second project will include a five-star luxury resort hotel and spa as well as residential villas and apartments, while the third project will consist of a yacht club and marina, a sports academy, and three boutique hotels, Diar added.
The deal also establishes a partnership of 70/30 between Qatari Diar and Omani Ministry of Tourism on the three projects, the developer said.
Diar has a USD39 billion portfolio that includes 49 projects worldwide. The developer last year bought the athletes’ village in London’s Olympic park for USD906 million along with UK developer Delancey Estates.
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