The Ministry of Tourism (MoT) recently inked an agreement with Omagine to develop one million square metre area in Muscat. The ‘Omagine Project’ will offer residential units, four and five star hotels, an open air theatre, apartments, villas, a marina, and restaurants.
The project is part of government’s efforts to develop the tourism sector by providing accommodation and recreational facilities to visitors and keep pace with the growth in tourist traffic.
H E Ahmed bin Nasser bin Hamad al Mehrzi, minister of tourism said: “The project looks to develop the tourism sector, increase its contribution to the GDP and attract more investment.”
US-firm Journey of Light holds a 60% stake in the company while the Royal Court Affairs owns 25%. Two subsidiaries of the Union Contracting Company own the rest of the shares.