A Dh36.7 billion mixed-use development called the Blue City is to be launched here on June 4 and may take 15 years to complete, according to the chairman of the company overseeing the project.
"The project have an investment volume of more than Dh36.7 billion and would take ten to 15 years to complete," Anees Essa Mohammad Al Zedjali, chairman and managing director of Oman-based Al Sawadi Investment and Tourism Co (ASITC), told Gulf News yesterday. Several hotels and tourist attractions are planned for the development, which will be located outside Muscat.
ASITC claims The Blue City is the largest urban economic development project in the Gulf.
"The mixed-use seafront city would eventually serve more than 200,000 citizens," Al Zedjali said.
A new group of investors and developers have joined for the project, which has been in the pipeline for the past two years.
ASITC was formed eight months ago. The consortium includes Omani company Cyclone, Bahrain-based Ahmad Abubaker Janahi Holdings and OASIS Middle East Holding, an investment firm.
The project models and other details would be unveiled at the time of the official launch on June 4.
Ahmad Bin Abdul Nabi Macki, Oman's Minister of National Economy, will formally launch the project.
Bahrain-based ReeMoon have been commissioned as the development's managers. ReeMoon are currently developing the Bahrain Financial harbour project in Manama.
