Muscat: A $1.9 billion construction agreement has been signed for work on Phase One of Oman's unique and ambitious Blue City project near Sawadi Beach, which is located about 100km from the capital Muscat.
The total estimated cost of the project has been revised from the initial $15 billion to $20 billion.
The project developers Al Sawadi Investment and Tourism (ASIT) and a joint venture between Enka Insaat ve Sanayi of Turkey and Aktor Ate of Greece signed the contract, historically the Sultanate's largest real estate agreement, on Wednesday.
As soon as the agreement was signed, work began on the initial mobilisation programme to prepare the site so that work can begin immediately.
"These initial preparations involve detailed design activity and on-the-ground permitting procedures," said Professor Fari Akhlaghi, CEO of Ree-Moon, the development management company employed by ASIT and the Phase One project leader.
ASIT Chairman Anees Issa said that the company had been working very closely with a full range of Omani ministries and other official bodies since the announcement of the Blue City project last June.
Phase One of the Blue City comprises approximately 5.5 square kilometres of mixed use accommodation, including four hotels, thousands of touristic and permanent residences, two PGA world class golf courses, a tourist village, heritage village, shopping complex, amphitheatre and city hall.
Associated amenities will include a primary school, nursery and kindergarten, health centre, police station, post office as well as a mosque.
