Gulf | Oman
Fairmont to build $100 million hotel in Oman
Canada-based Fairmont Hotels and Resorts, controlled by Saudi billionaire Prince Alwaleed, signed a deal on Thursday to build a $100 million hotel in Oman.
- Reuters
- Published: 15:52 June 12, 2008
Muscat: Canada-based Fairmont Hotels and Resorts, controlled by Saudi billionaire Prince Alwaleed, signed a deal on Thursday to build a $100 million hotel in Oman.
The hotel will be part of the Wave Muscat development, a project which will include an 18-hole golf course designed by Greg Norman.
The deal was signed by officials from the Wave, being built over an area of 2,5 square km (617 acres).
Oman has said it was looking to raise tourism revenues to 2.5 percent of gross domestic product in 2008. The industry's revenue stood at 328 million rials ($851.9 million) in 2007. Oman attracted about 650,000 tourists in 2007, 12 percent
more than the previous year.
The Wave Muscat is 1 billion rial joint venture between Oman's Waterfront Investments, National Investment Funds Co and UAE's Majid Al Futtaim Group.
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