Oman offers foreigners freehold property

Dubai International Properties announces US $820 million resort project near Muscat

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By  Eudore Chand Published  April 2, 2005

Oman has issued a law that allows the sale of freehold property to non-GCC nationals, according to a top UAE official. Dubai International Properties is the first to take advantage of the relaxation and has announced a US $820 million lifestyle resort at Yiti near Muscat, where it will offer real estate to buyers of any nationality. Mohammed Al Gergawi, Dubai Holding’s chief executive officer, said: “Our luxury project will be the first that offers property for sale to non-GCC nationals since the new Omani law came into effect.” DIP is an arm of Dubai Holding Group. The Omani project comes hot on the heels of the recent announcement that DIP is building Dubai Towers - Doha, a commercial, residential and retail high-rise complex in Qatar’s capital, at a cost of $275 million. The agreement to develop the Omani resort was signed at Yiti by the sultanate’s Tourism Minister, Dr Rajha bint Abdul Ameer bin Ali, and Al Gergawi. “I congratulate Dubai International Properties that in the short time since it was founded, it has announced two major projects worth a combined total of more than $1 billion within weeks of each other. Not only has DIP conceived the projects, it has managed to get permissions, tie up all the financing and complete all formalities,” Al Gergawi said. “I am sure that we will see several other projects in various parts of the world from Dubai International Properties, in the coming few months and years,” he added. Al Gergawi said that construction will start by the last quarter of this year, ready for completion by 2007. Farhan Faraidooni, DIP CEO, said the resort will have manmade canals coming in from the sea and reaching all the way to the mountains so a waterfront development could be created. It will include three luxury hotels, a health and wellness centre, beach and mountain villas and around an 18-hole championship golf course and club, as well as a souk and a marina.

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