(MENAFN - Qatar News Agency) Qatari Diar Real Estate Investment Company on Monday signed a memorandum of understanding (MoU) with the Omani Ministry of Tourism for the development of three world-class leisure destinations in the Sultanate.
The MoU aims to create three mixed-use developments throughout the Sultanate. It also establishes a partnership of 70 to 30% between Qatari Diar and Omani Ministry of Tourism on the three projects respectively, the company said in a press release.
Qatari Diar Group Chief Executive Officer, Engineer Mohammed bin Ali Al-Hedfa led the MoU signing ceremony on behalf of the global real estate firm in the presence of senior company directors and officials.
"Qatari Diar developments worldwide are recognized for spurring economies, lowering unemployment, defining new sector standards, and contributing to sustainability," said Eng. Al-Hedfa.
He expressed pleasure over the signing of this MoU, which reflects the company's commitment to investing in the tourism sector in Oman.
"It is an important country to us, and one full of promises," added Eng. Al-Hedfa.
Qatari Diar has previously signed a preliminary agreement with Omani Ministry of Tourism to finance and construct a mixed-use property at Ras Al Hadd in the Sur district.
The Ras Al Hadd development features a 5-star hotel and spa, residential villas, apartments, souks, a marina and villa plots, while the second of the three developments boasts a 5-star luxury resort hotel and spa as well as residential villas and apartments. The third project brings to life a yacht club and marina, a sports academy, and three boutique hotels.
The Omani Ministry of Tourism has been playing an active role in projecting Oman as an exclusive luxury destination all-year round. Earlier last week, the state body launched a groundbreaking campaign, 'Now', over the summer and until the end of September to boost travel within the country.
Qatari Diar is currently developing or planning 49 projects in 29 countries around the world.
