Fairmont to build $100m hotel in Oman
Muscat, June 12, 2008
Canada-based Fairmont Hotels and Resorts, controlled by Saudi billionaire Prince Alwaleed, signed a deal on Thursday to build a $100 million hotel in Oman.
The hotel will be part of the Wave Muscat development, a project which will include an 18-hole golf course designed by Greg Norman.
The deal was signed by officials from the Wave, being built over an area of 2,5 sq km. Oman has said it was looking to raise tourism revenues to 2.5 per cent of gross domestic product in 2008.
The industry's revenue stood at RO328 million ($851.9 million) in 2007. Oman attracted about 650,000 tourists in 2007, 12 per cent more than the previous year.
The Wave Muscat is RO1 billion joint venture between Oman's Waterfront Investments, National Investment Funds Company and UAE's Majid Al Futtaim Group.-Reuters
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