Al Madina Real Estate Company is planning to start construction work for the first phase of its proposed $1bn integrated tourism complex (ITC) project in Quriyat in a couple of months, according to the company.
Speaking to Muscat Daily about their new projects, Eng Abdul Rahman Barham, CEO of Al Madina Real Estate said: “We are currently working on a number of projects. We are offering premises for retailers and working on some residential projects as well. Works on some hotel projects are going well and we are hopeful that our ‘Shaden Al Hail’ hotel could be opened for public as soon as early next year.”
Barham said: “This (Quriyat ITC) will be the first integrated tourism complex project to come up in the east of Muscat. Total investments envisaged in the project, which will be developed in multiple stages spanning over a period of 15 years, is around US$1bn. We are opting for a mix of debt and equity to finance the project.”