|Qatari Diar Real Estate Investment Company has signed an agreement with the Omani Ministry of Tourism to develop the Ras al Hadd project to be located in the Sur city in Oman. The planned eco-theme project will cover an area of approximately 1.848 million square meters and will be built at a cost of USD 649.43 million|
Through the agreement, a partnership has been established between Qatari Diar and Oman Tourism Development Company (Omran) to form Qatari Diar-Ras Al Hadd Development Company SAOC. The shareholding in the development company is divided between Omran at 30 per cent, while the remaining 70 per cent will be held by the Qatari Diar Company.
The first phase of the project includes the establishment of a 100-room eco-themed resort, 50 hotel villas, 150 residential villas and a 7,000 square meter market souq. The expected completion of the first phase is 2018 year-end. The second phase involves the addition of 100 new 5-star hotel rooms to the resort, 196 residential villas, a dedicated center for wildlife preservation and an observation park set over a 10,000 square meter area.
The third phase will see the construction of a separate 200-room 5-star resort, an additional 50 hotel villas and 179 residential villas, as well as the development of a new market area covering 16,000 square meters, and a specialized marine life park.