Oman launches "The Wave," a premium resort development

February 26, 2004--Oman's largest tourism development to date has been launched to the international press and has been named "The Wave". Stretching along 7.3 kilometers of pristine beachfront just west of Muscat and occupying 195 hectares (2mln sqm), the $ 805 million (RO 310mn) resort project is ready for development.

"The Wave is designed to contribute to the experience of Oman, a country with a fascinating heritage and astonishing natural beauty," explained H.E. Mohsin bin Khamis Al-Balushi, Oman's Under Secretary of Tourism, at the launch party. "We have a clear vision for The Wave which will be a fully integrated premium tourism and residential resort in Oman. The country offers graceful living in an authentic atmosphere unspoiled by commercial excesses, and is not flooded by low-end package tours." Indeed, Oman is emerging as a new destination for the upscale traveler and international resident, with full government support to strengthen this trend.

With the Sultanate of Oman contributing the original land and part of the equity, domestic and international investors are invited to join forces with the government. "This project is part of the Government's strategic plan in developing the Tourism sector. It's a unique opportunity for investors with experience in developing similar large scale projects," H. E. Mohsin bin Khamis explained.

For the first stage, a projected total of $ 82 million (RO 31 mn) will be invested to reclaim some 400,000 square meters of land, develop the infrastructure and build a golf course, marina and yacht club. Next, developers will invest $ 485 million (RO 186 mn) to construct the hotels, villas, apartments, restaurants, shops and leisure centers for an exclusive resort with a final value of $ 805 million (RO 310 mn).

"We feel that The Wave captures the essence of this upscale tourism and residential project," stated H.E. Abdullah bin Abbas bin Ahmad, Head of Muscat Municipality and Chairman of the Oman Tourism Development Company (OTDC). "It reflects Oman's rich seafaring history and close association with the ocean, as well as the physical shape of the new development."

The new logo of The Wave was unveiled as well. Stylishly simple and elegant, conveying an Omani feel alongside a competent air of international credibility, the logo incorporates two classic colours; a rich blue and a lavish gold.

Together with the project's financial and marketing consultants, CII Group – M.E. Strategy Consultants, Oman is now presenting this investment opportunity to the public. "It is destined to become one of the key leisure attractions of Muscat," Wael Al-Lawati, Acting CEO of OTDC, confirmed. "The Wave will have three premium hotels, each with a distinct identity, beach and golf villas, upscale condominiums, and plenty of leisure and entertainment options. ," expressed Al Lawati.

Exciting project details were revealed. At the western edge of The Wave, a five-star, 200 room Spa and Beachfront Hotel will have all the trimmings of a luxury facility. A 300 room Golf and Conference resort nearby will accommodate guests who like to play at the newly constructed 18 hole golf course. 505 premium villas will overlook this golf course or the ocean.

At the center of The Wave, a marina will provide mooring spaces to 250 boats. A yacht club highlighting Oman's seafaring heritage, restaurants, shops, and a world bazaar all will invite a visit. While the Marina Tower boutique hotel will accommodate upscale tourists, two Marina Condominium Towers and 850 Marina Village apartments will house future residents. "Visitors and residents alike will enjoy a bustling, happening space, all within easy drive of the capital and the airport," stated Al-Lawati.

Another attraction will be a Beach and Sports Resort with a center for scuba diving and water sports. Next to it, 230 beach and residential villas will arise, planned to take advantage of the imminent decision by His Majesty's government to allow international freehold ownership of residential real estate in Oman. At the eastern end of the Wave, a public beach and a woman's beach will be developed by OTDC in association with Muscat Municipality.

"The consultants for the project, CII Group Middle East, have confirmed that there is a strong demand for a project like The Wave. This, coupled with the full support of the Government, makes The Wave an extremely attractive opportunity for investors," said Al-Lawati.




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