Muscat, Dec 9 – The Special Economic Zone in Duqm will see the development of an Integrated Tourism Complex spread over 600,00 sqm with provisions for a five-star hotel, resorts, yacht marina, commercial complexes, residential beachfront villas and apartments.
The total cost of the project is estimated to be $748 million (RO 288 million). The work on the first phase of the project is expected to begin in early 2018. The first phase, which will include a resort, water parks and zip lines, is expected to be completed by September 2018.
The total timeline of the project will spread over 15-20 years, for which an usufruct agreement for 50 years was signed with Yahya bin Said bin Abdullah al Jabri, chairman, Special Economic Zone Authority in Duqm, and Pradeep Nair, chairman, Little India Company, on Thursday.
The ceremony saw the signing of a financing agreement between Little India Company and Methaq Islamic Banking, management agreement with luxury hotel chain Marriott Group and a real estate development MoU with Sanjay Puri Master Company.
An agreement was also inked with EMG Digital Marketing Company.
“The signing of the usufruct agreement for the new project is part of SEZAD’s efforts to attract quality projects and investments to the Duqm economic zone apart from contributing to the
economic diversification efforts,”
said Ismail bin Ahmed al Balushi, Deputy CEO, SEZAD. These projects, he
said, will provide opportunities for the development of Duqm and create job opportunities that meet the aspirations of the local community and surrounding areas.
He said the new project will contribute to the tourism sector in SEZD, given the fact Marriott International will manage the five-star hotel in the complex.