Majid Al Futtaim rides The Wave

MAFI committed to $90 million investment to develop phase one of The Wave

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By  Eudore Chand Published  September 25, 2004

Majid Al Futtaim Investments has joined Oman’s ambitious $805 million tourism project, The Wave, with the signing of a memorandum of understanding in Muscat. MAFI is committed to $90 million investment to develop phase one of The Wave, a new integrated residential and tourism resort along 7.4 kilometers of coastline in Seeb district of Muscat. “This is a great opportunity for us to expand our property business into the development of integrated beachfront lifestyle projects,” said Peter Walichnowski, MAFI CEO. The Dubai firm was selected from amongst several regional and international companies, who had bid to become the development partner with the government. The MoU was signed with Oman’s Waterfront Investments (WI) and the National Investment Funds Company (Nifco), representing Omani pension funds and the State General Reserve Fund. The MoU is to form a joint venture firm that will launch work to reclaim land, build infrastructure and construct select landmarks such as an 18-hole PGA golf course and a marina with yacht club. The luxury hotels and sxclusive villas and condominiums of the resort will be constructed in phase two. Ahmed bin Abdulnabi Macki, Omani Minister of National Economy, said: “MAFI has made significant investments in Oman and the region and their proposal as part of the bidding process was the best match with the project’s vision. Their track record and the committed development team will ensure the success of this upscale project.” Abdullah bin Abbas bin Ahmed, chairman of Muscat Municipality & Waterfront Investments, said the MoU is a major step towards realising the dream. “Once phase one of The Wave has been launched, local, regional and international investors will find ample opportunities to invest in constructing and running the individual resort hotels, and building and selling the luxury villas and exclusive condominiums overlooking the Gulf of Oman.” In the first phase, 400 000 m2 of land is reclaimed. In the second phase, the developers will invest an additional $485 million to construct hotels, villas, apartments, restaurants, shops and leisure centres for an exclusive resort with a final value of $805 million. At its westernmost edge, a five-star spa and beachfront hotel will offer 200 rooms. A golf club and a conference resort nearby will have 300 rooms. More than 500 villas will overlook either ocean or golf course. The 250 boat marina will be the centre of the resort and reflect Oman’s seafaring heritage. The Marina Tower boutique hotel will accommodate upscale tourists, two Marina Condominium Towers. There is also 850 residential apartments

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