28 March 2005

DUBAI - Dubai Holding Group Company, Dubai International Properties, has announced that it has signed an agreement with the Government of Oman to develop an integrated lifestyle resort, worth Dh3 billion in the Sultanate.

The agreement was signed at Yiti in Oman by Mohammed Al Gergawi, chief executive officer of Dubai Holding on behalf of Dubai International Properties and Dr Rajha bint Abdul Ameer bin Ali, Sultanate's Tourism Minister on behalf of the Government of Oman.

This agreement is in line with the directives of General Shaikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, issued during his recent visit to Oman to encourage cooperation between UAE and Oman.

The construction of the resort shall commence by the last quarter of this year. The full 2.6 million square metres resort will be completed in stages by 2007.

Alongwith this, one more commercial and residential project, Dubai Towers-Doha worth Dh1 billion was announced by Dubai International Properties which will be built in Doha, capital of Qatar.

Al Gergawi, stated: "The vision of General Shaikh Mohammed bin Rashid Al Maktoum, is focussed upon not only building the prosperity and future of the UAE, but also extending the fruits of what we have learned here across our borders.''

He also added: "I congratulate Dubai International Properties that in the short time since it was founded, it has announced two major projects worth a combined total of more than Dh 4 billion within weeks of each other. Not only has Dubai International Properties conceived of the projects, it has managed to get permissions, tie-up all the financing and complete all formalities.''

Announcing details of the project, Farhan Faraidooni, chief executive officer of Dubai International Properties, explained that the project is located in Yiti, near Oman's capital city of Muscat.  It is a beautifully scenic site between a set of mountains and the pristine beaches of the Arabian Sea.  The luxury resort will be developed with manmade canals coming in from the sea and reaching all the way to the mountains so that an awe-inspiring waterfront development could be created.

The luxury project will be the first property that will offer property for sale to non-AGCC nationals since Oman has recently allowed non-AGCC nationals the right to own property in the Sultanate.

BY A STAFF REPORTER

© Khaleej Times 2005