11 October 2018
Oman has kicked off site preparation work for the $1 billion Sultan Qaboos Waterfront project at Port Sultan Qaboos in capital Muscat, a local newspaper reported on Thursday.
Work includes demolition and removal of old buildings and other debris to prepare the site, the Arabic language daily Al-Watan said, quoting official sources.
Infrastructure work will start in early 2019, the report added.
In June 2017, state-owned Oman Tourism Development Company (Omran) and Dubai-headquartered Damac Properties signed an agreement for redeveloping Port Sultan Qaboos into integrated tourist port and lifestyle destination that includes hotels, residences, dining, retail and leisure offerings, according to a Damac press statement.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© Thomson Reuters Projects News 2018