Oman’s Duqm Special Economic Zone Authority (Sezad) has granted Duqm Beach Resort a 45-hectare plot of land in the economic zone for the development of a mixed-use project worth a total investment of more than $500 million.
The project comprises a five-star and a four-star beach resort, an entertainment and recreation centre, residential dwellings, international school, and commercial space for a shopping centre and offices, said the company.
The agreement was signed by Yahya bin Said bin Abdullah Al Jabri, chairman of the board of directors of Sezad, and by Stoyan Kiceec, chairman of the board of directors at Duqm Beach Touristic Resort.
Duqm Beach Resort is an investment alliance between the Australian company Xsite Group, and Al Jazeera International.
The first phase will be aimed towards establishing the infrastructure for the development, tourism, and other commercial activities, along with residential units that will be constructed to meet the existing demand for affordable residential units in Duqm.
The tourism project will initially start in the entertainment and recreation sector in order to target ships and businesses operating in the zone, and it is expected that the execution of the first phase of the project will commence in the last quarter of this year, said the company.
The project, which is expected to be completed within five years, will provide 1,000 jobs by 2020, it further added.