Oman's Ominvest is planning to build a $1 billion tourism resort in the southern port city of Salalah, the company's chairman said on Wednesday.

'The integrated tourist complex will have four hotels and housing units which will be offered for sale to both local and international investors,' Hani Al-Zubair told Reuters on the sideline of an investment forum. 

'The cost will be $1 billion,' Zubair said, without giving details of the project's funding.

The construction of the resort will start in late 2010 or early next year and it would be built in three phases, he said.   

'We are building a complete town that caters to both local and international visitors,' Zubair added.

Other resort developments in Oman include the Wave, Barr Al Jissah and Muriya.
 - Reuters