Al Madina Real Estate Company is planning to start construction work for the first phase of its proposed $1 billion integrated tourism complex (ITC) project in Quriyat within the next two months.
Quriyat ITC project is spread over a sprawling 1,3 million square metre area. The project comprises a golf course, a number of freehold residential units, a water park, and three star categroy hotels.
According to the news in Trade Arabia, with the design and other formalities related to the company’s first ITC project completed, the construction work is set to start soon on the project.
CEO Abdul Rahman Barham remarked that this will be first integrated tourism complex project to come up in the east of Muscat. Total investments envisaged in the project which will be developed in multiple stages spanning over a period of 15 years, is around $1 billion.
He added, “We are opting for a mix of debt and equity to finance the project. We are currently working on a number of projects. We are offering premises for retailers and working on some residential projects as well. Works on some hotel projects are going well and we are hopeful that our ‘Shaden Al Hail’ hotel could be opened for public as soon as early next year.”
In the Phase One, the Omani developer is constructing a 150-unit luxury hotel along with some ancillary units. Barham added that if everything goes as per the plan, we are going to start the work in the next month or the month after that.
Source: Trade Arabia