Qatari Diar to develop three mixed-use projects in Oman

Qatari Diar to develop three mixed-use projects in Oman

The company plans to finance and construct a mixed-use property at Ras Al Hadd in Oman's Sur district, including a five-star hotel and spa, residential villas, apartments, souks, a marina and villa plots, Diar said in a statement on Monday, without citing the projects' value.

July 10, 2012 11:01 by Reuters

Qatari Diar, the property arm of Qatar’s sovereign wealth fund, signed a memorandum of understanding (MoU) with Oman’s Ministry of Tourism to develop three mixed-use developments in the sultanate and said it sees strong potential Oman’s tourism sector.

The company plans to finance and construct a mixed-use property at Ras Al Hadd in Oman’s Sur district, including a five-star hotel and spa, residential villas, apartments, souks, a marina and villa plots, Diar said in a statement on Monday, without citing the projects’ value.

The second development will include a five-star luxury resort hotel and spa as well as residential villas and apartments. The third project will include a yacht club and marina, a sports academy and three boutique hotels.

“We are extremely thrilled with the signing of this MoU, which signifies our commitment to investing in the tourism sector of the brotherly state of Oman. It is an important country to us, and one full of promises,”Qatari Diar Chief Executive Officer Mohammed bin Ali al-Hedfa said in the statement.

The property firm, whose worldwide portfolio includes 49 projects valued at over $39 billion, pushed aggressively into Europe last year, buying the athletes’ village in London’s Olympic park for $906 million along with UK developer Delancey Estates.

Hedfa said in March the firm was eyeing investments in emerging markets this year, but declined to name specific countries.

Diar made its first significant investment in the U.S. property market last April with a $700 million deal to build a development in Washington DC. Hedfa said in March it was actively looking at other opportunities in the United States.

(Reporting by Regan Doherty; Editing by David Holmes)