MANAMA, 5 November 2007 — Oman’s latest $2.4 billion leisure and residential beachfront project called “The Wave”, to be developed on total area of 2.5 million square meters by the government of Oman in 50-50 partnership with Dubai-based Al-Futtaim Group, was launched at a roadshow held in Bahrain yesterday.
The Wave, Oman’s latest mega real estate development project targeting medium-to high-end income group will be completed in six years, a senior official on the sidelines of the launch said.
Wael Ahmed Al-Lawati, deputy CEO, said that the project would be a landmark development with an independent gold course, 300 boats marina and almost 4,000 housing units in addition three five star hotels.
There is no lack of funding in this part of the world, Wael said, but what the region lacks is offering innovative investment products to the investors. The Wave will offer a rare investment opportunity to the GCC, Pakistan, India and Western European markets.
The tour which started in UAE and took them to Bahrain, will also visit Kuwait and Qatar.
Locations chosen are been based on buyer profile and importance of these markets. Similar roadshows are planned for other cities later in the year.
The Wave, Muscat, is being developed through a joint venture comprising Oman’s Waterfront Investments (representing the Government of the Sultanate of Oman), National Investment funds Company (representing the Omani Pension Funds), and the UAE-based Majid Al-Futtaim Group.
The project is being designed keeping in mind the discerning international and regional home buyers, who are looking for an exciting authentic destination in a country with the potential of becoming one of the most significant international destinations.
The 2.5-million square meter leisure and residential beachfront development that was given the right to sell freehold property to expatriates and foreign investors through a Royal Decree is located just a few kilometers from Muscat’s Seeb International Airport.
This $2.4 billion mixed-use project in the Sultanate of Oman is being developed through a strategic partnership between the Omani government and the private sector.
The Wave has also announced that 80 villas and over 100 luxury apartments were launched for sale. Situated within the Marina Village, the apartments at Almeria South are a combination of 1, 2 and 3 bedroom apartments. The Shoreside Villas would include 26 waterfront villas and 54 garden villas. With easy access to the 6 km long natural beach, these villas would have access to the masterfully-designed adjoining park and lake areas.