Qatari Diar Real Estate Investment Company, on Monday signed a memorandum of understanding (MoU) with the Omani Ministry of Tourism for the development of three world-class leisure destinations in the Sultanate.
According to a company press release, the MoU, which outlines Qatari Diar’s investment in Oman’s important tourism sector, aims to create three mixed-use developments throughout the Sultanate. It also establishes a partnership of 70/30 between Qatari Diar and Omani Ministry of Tourism on the three projects respectively.
Qatari Diar Group Chief Executive Officer, Mohammed bin Ali al Hedfa led the MoU signing ceremony on behalf of the global real estate firm in the presence of senior company directors and officials.
“Qatari Diar developments worldwide are recognised for spurring economies, lowering unemployment, defining new sector standards, and contributing to sustainability,” said al-Hedfa. “We are extremely thrilled with the signing of this MoU, which signifies our commitment to investing in the tourism sector of the brotherly state of Oman. It is an important country to us, and one full of promises,” said the Qatari Diar CEO.
Qatari Diar has a long history of engagement with the Omani market. The company previously signed a preliminary agreement with Omani Ministry of Tourism to finance and construct a mixeduse property at Ras Al Hadd in the Sur district.
The Ras Al Hadd development, which forms part of the latest MoU, features a 5-star hotel and spa, residential villas, apartments, souks, a marina and villa plots, while the second of the three developments boasts a 5- star luxury resort hotel and spa as well as residential villas and apartments.
The third project brings to life a yacht club and marina, a sports academy, and three boutique hotels.
source: Qatar Tribune
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