Dubai Holdings deal is first in Oman since freehold law is created
Non-GCC nationals will be able to buy in Oman for the first time upon the completion of a new project from Dubai International Property, announced yesterday. The 2.6 million square metre resort is the first to be announced since Oman created a freehold law allowing non-GCC nationals to own proerty in the Sultanate.
The dhs3 billion project will be located in Yiti, near the Omani capital of Muscat. Construction will begin in the fourth quarter of this year, and will be finished by 2007, according to Dubai Holding, which owns Dubai International Properties.
"We will create an integrated lifestyle resort - a first for Oman - with multiple luxurious components to suit the varied tastes and styles of visitors and residents," said Mohammed Al Gergawi, CEO, Dubai Holding. "The vision of His Highness Sheikh Mohammed...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."
Farhan Faraidooni, CEO of Dubai International Properties, described the project as "a beautifully scenic site between a set of mountains and the pristine beaches of the Arabian Sea."
Man made canals will be built from the sea to the mountains. There will also be three luxury hotels, one on the beach, and one in the mountains. Villas will be available on the beach, in the mountains, and around an 18-hole golf course.
The project comes just two weeks after DIP announced its first project, the dhs1 billion Dubai Towers - Doha.
© 7Days 2005
