US $1 billion Blue City to be constructed in Oman

The Al Sawadi Resort area to be redeveloped

  • E-Mail
By  Eudore Chand Published  April 9, 2005

Al Sawadi resort area in Oman will be redeveloped into a 35 km2 ‘Blue City’ by a new group of private sector investors from across the GCC states. The promoters plan to sell real estate in the city to foreigners. Oman recently promulgated a law that guarantees freehold property in certain real estate developments in the Sultanate to all foreigners (Issue 66). A new company, Al Sawadi Investment & Tourism Company (Asit), has been formed to develop the Blue City project. The promoters expect to pump in more than US $1 billion in building only the first phase of the ambitious project, according to Anees Issa, chairman and managing director of Asit. He told CW that the area where the present Al Sawadi Resort is being built will be redeveloped to create the Blue City. ‘The Blue City’ is poised to take off with a new set of investors and developers, who formed Asit around eight months ago. Besides the Omani company Cyclone LLC, the consortium now includes Ahmed Abubaker Janahi Holdings (AAJ Holdings) from Bahrain, and Oasis Middle East Holding, an investment company. “Asit and its development consultants have worked intensively over the last eight months to prepare a whole new concept for the development,” explained Issa. He added that the investors have commissioned Bahrain- based ReeMoon as development manager. ReeMoon is currently developing the Bahrain Financial Harbour project. “To be developed over several phases in the next 10 to 15 years, The Blue City will include many tourism components — eventually several hotels and tourism attractions, as well as strategic economic development clusters are aligned with the national interests of Oman and more particular in the education, healthcare, sports and marine sectors,” added Issa.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code