Oman’s ministers of commerce and Industry, transport and tourism will officially launch today a RO500-million ($1.29 biliion) redevelopment project that is expected to reshape the future of the country, said a report.

The Mina Al Sultan Qaboos Waterfront is a flagship redevelopment plan that will help the economy to move away from oil and gas dependency, reported Times of Oman.

The mega project will boast residential and retail units and luxury hotels besides other entertainment and lifestyle attractions spread over a 1 million sq m area, it stated.

The project is aimed at transforming Mina Al Sultan Qaboos port into a major tourism-based mixed-use waterfront destination, said the report citing James Wilson, the CEO of Omran, the government-appointed body running real estate projects and tourism development in the sultanate.

At today’s launch, Omran will reveal investors and sign the first construction contract for Sultan Qaboos Waterfront.

The project will be developed in four phases and is likely to be completed by 2027.

As part of an ambitious government strategy, Omran will help train 10,000 locals in just 60 months.

Three global hotel chains are in talks to achieve this, revealed Wilson,adding that 1,000 staff will be hired next year to work in three hotels set to open in Oman.

The training will be done at the tourism college, which has been entrusted to Omran, he stated.

The tourism college is expected to feature an outlet mall, wedding hall, a “teaching” hotel run by students, professors and a core hotel staff plus quality student accommodation.

Negotiations are currently under way with three hospitality brands - Starwood, Anantara and Taj for the on-campus hotel, he added.