PHOTO
09 October 2016
By Conrad Prabhu
MUSCAT: Ambitious plans by the Oman Investment Fund (OIF) to develop iconic residential and leisure destinations on Muscat’s coastline will help create Oman’s own version of a Riviera in the Sultanate, according to a top official of the sovereign wealth fund.
Shaikh Hassan Ahmed al Nabhani, Chief Executive Officer, said he envisions a new Riviera taking shape in the capital region just beyond Shangri-La’s Barr Al Jissah Resort & Spa. Speaking at the ‘Invest in Oman’ forum that concluded in the city recently, Al Nabhani said: “We visited the first designs of this area that is located near Shangri-La’s Barr Al Jissah Resort. And we are awaiting the participation and investment of all in this area. I think it’s a model area a continuation of old Muscat. I think it will become the Muscat Riviera!”
The official’s presentation, titled, ‘The Role of the Fund in Promoting Investment Activities in Oman’, touched upon a number of strategically important initiatives and projects that the Fund currently has in hand for implementation.
OIF’s key role in the development of Yiti and Yenkit, further along the coast from Barr Al Jissah in Muscat Governorate, was first unveiled in July when the Fund invited the general public to offer their thoughts on how these locations can be developed.
The Fund’s goal, it said at the time, is to develop Yiti and Yenkit into ‘communities and destinations that celebrate and honour the Sultanate’s heritage, culture, and environment and at the same time enjoy the advantages of a modern lifestyle’.
An integrated developmental plan for the two destinations, covering a combined area of 12 million square metres, is proposed to include, among other things, hotels ranging from 3-star to upscale luxury properties, affordable to luxurious residential propositions, retail, Food & Beverage outlets and office areas.
According to experts, the development of a Riviera on Oman’s shores would add new cachet to the Sultanate’s brand as an upmarket tourism and leisure destination. A Riviera typically brings to mind sunny, high-end coastal tourism hubs thronged by international tourists. Inspired by the phenomenal success of the original French Riviera and Italian Riviera, Riviera-style destinations have since mushroomed around the world. Notable names include the America Rivera (Santa Barbara — California), Chinese Rivera (Zhuhai coast), Australian Riviera (Gold Coast — Queensland), Budva Riviera (Montenegro), and English Riviera (Torbay southwest of English).
Yiti and Yenkit will be developed keeping Oman’s rich heritage and traditions in focus, according to the Fund.
Another major project being supported by the Fund pertains to the development of the Sultanate’s aquaculture industry, said Al Nabhani. The private sector is expected to play a key part in processing, packaging and related activities, he said, noting that the project will generate “huge value” for the Omani economy.
In May 2014, OIF signed a Memorandum of Understanding (MoU) with the Ministry of Agriculture and Fisheries to support the activities of the Oman Aquaculture Development Company (OADC). Referring to The Medical City project, which is being spearheaded by the Ministry of Health, Al Nabhani said the Fund is developing ‘financing methodologies’ that have underpinned the success of the Sultanate’s power sector. The emphasis, he said, is not so much on raising finance, but on securing technological know-how through partnerships in the implementation and operation of such ventures. © Oman Daily Observer 2016
By Conrad Prabhu
MUSCAT: Ambitious plans by the Oman Investment Fund (OIF) to develop iconic residential and leisure destinations on Muscat’s coastline will help create Oman’s own version of a Riviera in the Sultanate, according to a top official of the sovereign wealth fund.
Shaikh Hassan Ahmed al Nabhani, Chief Executive Officer, said he envisions a new Riviera taking shape in the capital region just beyond Shangri-La’s Barr Al Jissah Resort & Spa. Speaking at the ‘Invest in Oman’ forum that concluded in the city recently, Al Nabhani said: “We visited the first designs of this area that is located near Shangri-La’s Barr Al Jissah Resort. And we are awaiting the participation and investment of all in this area. I think it’s a model area a continuation of old Muscat. I think it will become the Muscat Riviera!”
The official’s presentation, titled, ‘The Role of the Fund in Promoting Investment Activities in Oman’, touched upon a number of strategically important initiatives and projects that the Fund currently has in hand for implementation.
OIF’s key role in the development of Yiti and Yenkit, further along the coast from Barr Al Jissah in Muscat Governorate, was first unveiled in July when the Fund invited the general public to offer their thoughts on how these locations can be developed.
The Fund’s goal, it said at the time, is to develop Yiti and Yenkit into ‘communities and destinations that celebrate and honour the Sultanate’s heritage, culture, and environment and at the same time enjoy the advantages of a modern lifestyle’.
An integrated developmental plan for the two destinations, covering a combined area of 12 million square metres, is proposed to include, among other things, hotels ranging from 3-star to upscale luxury properties, affordable to luxurious residential propositions, retail, Food & Beverage outlets and office areas.
According to experts, the development of a Riviera on Oman’s shores would add new cachet to the Sultanate’s brand as an upmarket tourism and leisure destination. A Riviera typically brings to mind sunny, high-end coastal tourism hubs thronged by international tourists. Inspired by the phenomenal success of the original French Riviera and Italian Riviera, Riviera-style destinations have since mushroomed around the world. Notable names include the America Rivera (Santa Barbara — California), Chinese Rivera (Zhuhai coast), Australian Riviera (Gold Coast — Queensland), Budva Riviera (Montenegro), and English Riviera (Torbay southwest of English).
Yiti and Yenkit will be developed keeping Oman’s rich heritage and traditions in focus, according to the Fund.
Another major project being supported by the Fund pertains to the development of the Sultanate’s aquaculture industry, said Al Nabhani. The private sector is expected to play a key part in processing, packaging and related activities, he said, noting that the project will generate “huge value” for the Omani economy.
In May 2014, OIF signed a Memorandum of Understanding (MoU) with the Ministry of Agriculture and Fisheries to support the activities of the Oman Aquaculture Development Company (OADC). Referring to The Medical City project, which is being spearheaded by the Ministry of Health, Al Nabhani said the Fund is developing ‘financing methodologies’ that have underpinned the success of the Sultanate’s power sector. The emphasis, he said, is not so much on raising finance, but on securing technological know-how through partnerships in the implementation and operation of such ventures. © Oman Daily Observer 2016
