29 July 2009Interesting 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!
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.
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.