JEDDAH, 28 March 2005 — Dubai Holding Group company, Dubai International Properties (DIP), has signed an agreement with Oman to develop an integrated luxury lifestyle resort in the neighboring sultanate.
The first-of-its-type Omani resort project comes close on the heels of a recent announcement by DIP that it is building a commercial, residential and retail high-rise complex in the Qatari capital Doha at a cost of AED1 billion. The Qatari project is to be called Dubai Towers — Doha.
The agreement with Oman follows a recent visit to Oman by Gen. Sheikh Mohammed ibn Rashid Al-Makhtoum, crown prince of Dubai and UAE minister of defense to encourage cooperation between the UAE and the sultanate.
“The vision of Sheikh Mohammed is focused on not only building the prosperity and future of the UAE, but also extending the fruits of what we have learned here across our borders,” stated Mohammed Al-Gergawi, chief executive officer of Dubai Holding.
“We have many goals to accomplish and we need to continue and build upon the momentum that we have gained. I congratulate Dubai International Properties that in the short time since it was founded, it has announced two major projects worth a total of more than AED4 billion within weeks of each other. Not only has Dubai International Properties conceived of the projects, it has managed to get permissions, tie up all the financing and complete all formalities,” Al-Gergawi said.
“I am sure that we shall see several other projects in various parts of the world from Dubai International Properties, in the coming few months and years,” he added.
The agreement to develop the integrated luxury lifestyle resort in Oman was signed at Yiti in Oman by Al-Gergawi on behalf of Dubai International Properties. Oman’s Tourism Minister Dr. Rajha bint Abdul Ameer ibn Ali, signed on behalf of Oman.
The Dubai Holding CEO pointed out that Oman has recently allowed non-GCC nationals the right to own property in the sultanate. “Our luxury project will be the first that offers property for sale to non-GCC nationals since the new Omani law came into effect.
“We will create an integrated lifestyle resort — a first for Oman — with multiple luxurious components to suit the varied tastes and styles of visitors and residents,” said Al-Gergawi adding that construction is to start by the last quarter of this year. The full 2.6 million square meters resort will be completed in stages by 2007.
Announcing details of the project, Farhan Faraidooni, chief executive officer of DIP, explained that the project is located in Yiti, near Oman’s capital city Muscat. “It is a beautifully scenic site between a set of mountains and the pristine beaches of the Arabian Sea. You can have breakfast by the sea and lunch up in the mountains. You can play golf with the sea reaching to the horizon in front of you even as the mountains rise majestically up to the skies behind you. The breezes off the ocean create a pleasant moderate and enjoyable climate. The resort will be away, and yet near, to the city,” he added.
He pointed out that the resort will be developed with man-made canals coming in from the sea and reaching all the way to the mountains so that an awe-inspiring waterfront development could be created.
The multifaceted resort will have several major segments and will be a city within itself, offering unrivalled luxury designed to provide a varied range of entertainment, leisure and tourism options. These include a set of three luxury hotels, one on the beach for water sports enthusiasts, one in the mountains that will offer the majestic beauty of the Omani mountains as well as all activities associated with them.
Keeping to the theme of offering a resort lifestyle, the development will house a world-class health center with a spa and other facilities to cater for the well being of its guests.
Villas will be built and offered for sale alongside the sandy beaches, in the mountains and around an 18-hole championship golf course and club. To complete the community lifestyle, there will be a souk and a marina, apart from serviced and furnished apartments.
“What we promise to develop at Yiti is a high luxury resort for both visitors and homeowners. We have done our research and have received clear interest from Gulf nationals and Europeans who wish to take advantage of Oman’s liberalized property law and the natural beauty and moderate climate,” added Faraidooni.