Two Billion Dollar Luxury Resort For Muscat
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Khaleej Times: Majid Al Futtaim Group, one of the region's most pre-eminent property developers, has pitched in its lot with a group of Omani investors to develop a $ 2 billion luxury integrated tourist resort complex in Muscat.
This will be the second big investment for the MAF group after the $ 1billion 'The Wave, Muscat' project, another integrated beachfront tourism development.
The Muscat City Centre, a popular shopping destination housing major retailers like Carrefour, is also part of the MAF group.
The new tourism project located at Yenkit, around 20 kilometres to the southeast of Muscat on the country's eastern coastline, will be a 950-hectare master planned community inclusive of luxury hotels and residential complexes, it was announced here.
The project, being developed by Yenkit Tourism Development LLC will be an 'Integrated Tourism Complex' as designated by Oman's Ministry of Tourism, which means that freehold property will be up for grabs here.
The Yenkit project will be a flagship development for potential investors, tourists, Omanis and international visitors and will be part of an initiative by the Omani government to create a world-class tourism corridor, stretching down the scenic coast between Muscat and Sur to the south.
Yenkit tourist resort complex will consist of four 5-star hotels with approximately 900 rooms, an 18-hole international golf course; a wide range of tourist facilities, including sports and leisure facilities, a resort village, nature reserve and visitors centre, beach club, heritage and craft centre and major open spaces, 1,400 residential villas and up to 1,900 residential apartments and townhouses.
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