Sultanate's first freehold property generates phenomenal response from buyers representing 24 different nationalities

Muscat, May 27 , 2006: The Wave, Muscat - Oman's leading tourism and beachfront residential development - has announced that its first residential release has evoked an unprecedented response with sales touching over US$100 million.

Half of the units in the first residential release, covering 221 townhouses and villas and due to be completed in early 2008, were bought by Omanis with the remaining bought by the expatriates mostly based in the Sultanate, according to company officials. The demand to the project can be gauged from the fact that the first release witnessed buyers from 24 different nationalities.

The Wave, Muscat is the first mixed use development granted the right to sell freehold property rights to all buyers, including foreigners.

Speaking on the phenomenal response to the first release, Eng. Abdulla Bin Abbas Bin Ahmed, Head of Muscat Municipality and Chairman of The Wave, Muscat said: "The unprecedented demand for the first release underpins the uniqueness of our development. While we were always confident about the success and the interest it would generate, to exceed sales of US$100 million reflects the faith everyone has in our project and its iconic nature. The development is destined to become a landmark destination, which will attract tourists, residents and business, creating a place like nowhere else."

He added: "From the very beginning, the team have focused on the process and paid attention to the various details throughout the stages of the development. As we cross another important milestone in creating our landmark destination, we are on course to deliver on our core mission to offer unparalleled investment and lifestyle opportunities in the centre of Muscat."

Subsequent to the issuance of Royal Decree 12/2006, interested buyers from UK, India, Dubai, Bahrain, Kuwait and other countries made a beeline to The Wave, Muscat to lap up the opportunities on offer. The first residential release included waterfront villas, garden villas and townhouses.

The construction of units in the first release will coincide with the completion of the Oman's first sea facing Golf Course - the signature course to be designed by renowned golfer Greg Norman. The project is being developed keeping in mind the discerning international and regional home buyers, who are looking for an exciting, authentic destination in a country with the potential of becoming one of the most significant international destinations.

The mixed use development is a joint venture comprising Oman's Waterfront Investments, which includes the Government of the Sultanate of Oman, the National Investment Funds Company, which represents the Omani Pension Funds and State General Reserve Funds, and the UAE's Majid Al Futtaim Investments.

-Ends- 

THE WAVE
The Wave Muscat is being developed through a joint venture comprising Oman's Waterfront Investments (representing the Government of the Sultanate of Oman), National Investment Funds Company (representing the Omani Pension Funds), and the UAE-based Majid Al Futtaim Investments. Overlooking the Gulf of Oman near the Seeb International Airport, The Wave, Muscat will be a fully master planned community occupying a total area of 2,500,000 square metres along 6km of natural beach. The Wave, Muscat project will involve infrastructure development and site improvement, which will encompass a signature 18 hole green Golf Course, 300 berth Marina, 4 luxury hotels, villas, retail and restaurant outlets. For more details on The Wave, Muscat, please log on to www.thewavemuscat.com

For further information, please contact:
Amer Al Fadhil,
VP External Affairs,
The Wave, Muscat,
Tel + 968 24600034;
Fax: +968 24600663;
E-mail: amer@thewavemuscat.com

Ayman Al Saleh, Vice-President,
Bates PanGulf PR,
PO Box 3294,
Dubai,
UAE.
Tel: +9714 295 3456;
Fax: +9714 295 1027;
E-mail: ayman@batespangulf.com

© Press Release 2006