The chief executive of Oman's $2.5 billion waterfront property development company The Wave Muscat, which is 50 percent owned by Dubai's Majid Al-Futtaim Group, has resigned, an industry source said.

"Nick Smith's resignation was accepted on Monday and a new acting CEO of the company has been appointed," he told Reuters.

 Nick Smith and spokesmen at the company declined to comment when contacted by Reuters.

 Work on The Wave began in April 2007 and over 300 villas and apartments have been handed over to owners, it said in a statement earlier this year.

State-owned Waterfront Investments and Investment Funds Company own the remaining 50 percent of the firm. - Reuters