Private investors set to help with funding for The Wave

US $83 million in funding will be invested in the reclamation of land and for infrastructure work on The Wave project as investors show a keen interest

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By  Rhys Jones Published  June 4, 2004

Private investors and developers will join forces with the government of Oman to spend around US $83 million on The Wave project. This funding is needed to invest in land reclamation and to lay down the necessary infrastructure. A golf course and a marina featuring an international yacht club will also be built on the existing 200 hectares of beachfront property just north of Seeb International Airport where The Wave will be developed. Bids by potential stage one developers are currently being evaluated by OTDC and CII Group Strategy Consultants, the company that has been helping the government of Oman look for a strategic investment partner for The Wave. “The ultimate challenge is to find the best-match partners for Oman’s most ambitious tourist project so far,” said Glen Osmond, managing partner, CII Group ME. “We are looking for a strategic partner who brings the expertise and the commitment to launching this project that will make it a resounding success,” he added. Local bids for pre-qualification have been evaluated and bidders will be invited to submit proposals for development of stage one of The Wave if they become pre-qualified. “Now, with our deadline passed, we have received an exciting number of bids from local companies, some forming a consortium with international partners, who want to participate in the first stage of developing The Wave,” said Abdulla bin Abbas bin Ahmed, chairman, Muscat Municipality & Chairman of the Founding Committee of Oman Tourism Development Company (OTDC), the public company charged with promoting this integrated resort project. “There is strong Omani interest in taking part in The Wave,’ His Excellency announced,” he added. Further investment of around $500 000 is expected during the second phase of the project. Many residential developments alongside the numerous hotel projects should interest regional and international investors. “Once the first stage is finished, there will be further investment opportunities for local companies in the second phase,” said Wael al-Lawati, acting CEO, OTDC. “The hotels, villas, upscale apartment buildings, shops, restaurants and other leisure and entertainment facilities of The Wave all provide unique ideas for interested companies to participate in making this vision of a luxury resort concrete reality and which will be built in the second stage. We expect many more local companies to avail themselves of these opportunities,” he added. Local interest has been matched by regional and international players who are preparing to submit proposals on how they can play a role in project. “Development of The Wave is an ongoing process offering a full variety of investment and business opportunities to Omani and international companies,” said Al-Lawati. “We are certain of the manifold benefits of The Wave for our community, and are excited at every step towards realizing our vision.”

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