Signifying global attention for the development Omran said it has received expressions of interest from leading global hotel operators to manage one of the seven waterfront hotels including The Address (Emaar) Mandarin Oriental Hotel Group Hyatt Viceroy Hotels and Resorts Hilton Hotels & Resorts Taj Hotels Resorts and Palaces Banyan Tree Luxury Hotels and Resorts Chedi and Four Seasons.

The project will be developed over four phases with construction of Phase One set to begin by the middle of this year. Completion is set for 2020.

The company has established a dedicated investor relations' taskforce in order to field additional interest from privatesector investors for the project an Omran press release said on Saturday.

The investor relations unit is already in advanced stages of negotiations with a number of private sector entities state related entities and investment funds and have reported high levels of interest from Omani and international private sector investors developers and the banking community who are keen to partner and participate in the new project it said.

Commenting on the healthy response from investors and hotel operators Salah al Ghazali chief investment officer at Omran said 'In this era of low interest rates and low returns on more traditional investments investors are looking for new markets and avenues to provide healthy and secure sustainable and recurring returns.

'Following the recent announcement of the project we've been very heartened by the strong expressions of interest shown by prominent local investors.

'By taking a position in the waterfront development investors clearly understand the attractive and enduring returns on offer with this state-backed project. Our priority is to offer opportunities to local investors followed by the regional and international investment community.' He added 'This really is a project of national significance and will be considered as one of the prime visitor destinations in the region when Phase One opens by 2020 ahead of World Expo in Dubai in 2020.

'Expo Dubai is expected to deliver an additional 25mn visitors to Dubai and Omran is planning its marketing and project delivery to ensure its readiness for this significant influx of international tourism to the region. The international hotel operators have clearly taken notice and we're pleased to be talking with some of the leading names in the industry to operate the iconic waterfront hotels.'

The development will maintain the heritage and authenticity of the destination while adding modern components to completely reinvigorate the Muttrah Corniche Ghazali said adding 'The project in essence is developed for local and global audiences with all the uniquely Omani heritage and hospitality elements firmly incorporated.'

Phase One of the project will include a number of entertainment and lifestyle attractions that will generate significant footfall and make the waterfront a daylong visitor experience.

Attractions will include leisure and entertainment facilities such as an SME incubator arts crafts and organic farmers market (Emporium) a tourism visitors' centre boutique and destination shopping restaurants and cafes a marine heritage visitor centre featuring the ship Shabab Oman Oman's aquarium and an extensive children's entertainment village. The SME incubator and Emporium will be modelled on the retail incubator 'Watershed' at the V&A Waterfront in Cape Town. South Africa

Additionally Phase One will also include a fishermen's wharf a fish souq a five-star marina hotel with a yacht club and marina a four-star family hotel hotel-operated residential apartments starter apartments for first-time home buyers with extensive parking and park and ride locations.

Highlighting the vision for the new development Zoltan Kali chief strategy officer at Omran said 'The development plays an important role in the overall strategy of Omran focused on creating urban communities and tourism destinations.

'The concept is focused on catering for domestic and international tourism alike while it is primarily designed to become a hub for the community by adding new recreational and leisure activities for locals that reflect the authentic heritage of old Muscat. Comparable international examples prove that tourists are attracted to urban destinations that are popular amongst the local community as well.'