Wednesday, July 29, 2009
A new Integrated Tourism Complex (ITC) has been announced today. It's to be situated next to The Wave project on the coast. The official blurb in the Oman Observer can be found here but I'm sure in a few days that link wont work, so below is the pasted release from the Zawya website.

29 July 2009
Naseem A'Sabaa to generate $ 2.5bn income

MUSCAT -- A Malaysian real estate developer and an Omani landowner have signed a joint venture to build an integrated Tourism Complex (ITC) called Naseem A'Sabaa. Officials of the two companies, namely Bandar Raya Developments Berhad (BRDB), Malaysia, and Amouage Hotels and Resorts LLC, said the Naseem A'Sabaa would be built on a 400,000 square metre area in Al Athaiba. This is way above the smallest size (200,000 square metres) allowed for an ITC project in Oman.

Muhammad al Khaldi, Chairman, Amouage Hotels and Resorts, said the project is expected to generate sales worth $2.5 billion and will be up and running in the next five years. The joint venture has been concluded following almost two years of negotiations. Naseem A'Sabaa is a beachfront ITC project hardly 10 minutes from the airport neighbouring The Wave project. It will have residential villas, condominiums, two five-star hotels, a marina, marina apartments and commercial blocks.

The Naseem A'Sabaa project will be designed to target Omanis, Gulf nationals and a select group of Europeans, Dato Jagan Sabapathy, Chief Executive Officer, BRDB, told the Observer in response to a question. Sabapathy said the project is of great economic significance to Oman as it will a go a long way in creating new economic opportunities. Preliminary planning for the project has just begun.

Dato Muhammad Zamri, Ambassador of Malaysia, underlined the project's importance, saying it is set to be a unique one and quite different from the existing ITC projects in the Sultanate. Radiance International LLC, an investment procurement and real estate projects company, played a key role in bringing the Omani and Malaysian sides on a common platform for concluding the joint venture.

Sayyid Khalfan bin Taimur al Said, Chairman, Radiance, said: "BRDB is one of the leading top five developers from Malaysia and Amouage Hotels and Resorts is the first private Omani company to go in for an ITC project, where non-Omanis are allowed to own land and property." Amouage's vision is to develop a unique complex, which blends the architecture of Oman and Asia and is an asset for Oman.

Interesting stuff. It looks like there will finally be another metro-area marina for all those people with boats at the over-crowded Al Bandar Marina. OK, so Shangri-La are also building a Marina (and Marina Apartments) project as well, and that should be ready by 2011 - it's currently out to tender. So the Marina scene here in Muscat is hotting up!

Interestingly, the Malaysian partner company, BRDB also bought a 30% stake in Amouage Hotels and Resorts LLC - but that was not reported in any Gulf news sources. But I've found the story here if anyone's interested. The only real juicy bit is that BRDB are buying a 30% stake of Amouage Hotels and Resorts LLC from Mamas Loizou Ioanou Christodoulides and Mohammed Saleh Bin Eid Al Khaldi, for RM423,000 cash (thats about RO 46,000). That's not a bad little incentive is it! Strange that Amouage Hotels and Resorts LLC, by extension, is only worth RO 153,333. I would have thought it was worth more than that.

However, excellent news in what has been recently a more subdued market in the region. I look forward to seeing it develop.

Also noted in the Oman Observer article, "Radiance International LLC, an investment procurement and real estate projects company, played a key role in bringing the Omani and Malaysian sides on a common platform for concluding the joint venture. Sayyid Khalfan bin Taimur al Said, Chairman, Radiance". Now, I did a bit of research on Radiance and found this website. I should imagine that Sayyid Khalfan bin Taimur al Said has impeccable business and Government contacts in the Sultanate of Oman. What a great example of how the Government (& possibly Royal Family?) are working to stimulate growth in the country. Top marks.


muscati said...

Do you know who Christodoulides is and his role in the project?

Sythe said...

Nope, don't know anything about the project other than what I've found on the web with the press releases.

muscati said...

Well he's got an Omani nationality and he's owned that land next to The Wave since before that project was even announced.

Now the question is, who is he and home come he owns such a prime piece of real estate in Oman?

Sythe said...

Judging from his name, my guess is that his original nationality is Cypriot, or perhaps Greek.

No idea how he owns the land, or how long he's owned it for. I wonder if the Kruki would divulge any useful information?

Slim said...

Which bit of land is this? The scruffy bit between The Wave and Seeb Corniche, or the other direction?

It will be interesting to see if this actually happens...

Anonymous said...

is happening

Oman Air Pilot said...

May I know if this project has started construction or is it still in the planning stages? And how is the response as this project was reported 2 years ago?
Thank you.:)

Sythe said...

It has not started construction, and I am not aware of any Tenders being floating in the market. I am aware of a new mall being built opposite this site, next to the petrol station that serves near The Wave r/a. Tenders for this project should be out by Q1 next year (2012).

Air Oman Pilot said...

Thank you for the reply.
I just have this gut feeling that this area has lots of potential. Maybe at this point of time,the developer feels that it not the right time to launch any new projects.
Yes,the mall is a plus point and will be an added value to residents of The Wave and its surroundingd.

Sythe said...

I've actually just found out that IKEA are one of the interested tenants of this new mall opposite the Wave...

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