Majid Al Futtaim Investments joins Oman Government to launch The Wave

MAFI has now committed to the USD 90 million (RO 35 million) investment to develop Phase One of The Wave, a new integrated residential and tourism resort along 7.4 kilometers of pristine coastline in the Seeb district of Muscat in the Sultanate.

"This is a great opportunity for us to expand our property business into the development of integrated beachfront lifestyle projects", commented Peter Walichnowski, CEO, Majid Al Futtaim Investments. Majid Al Futtaim Investments was selected from amongst several regional and international companies who had bid to become the development partner with the government.

The MOU was signed with Oman's Waterfront Investments (WI) and the National Investment Funds Company (NIFCO), representing Omani pension funds and the State General Reserve Fund, in order to form a Joint Venture Company to launch The Wave. Once the new development company is incorporated, work will begin to reclaim land, build the infrastructure and construct select landmarks of The Wave such as an 18 hole PGA golf course and a marina with yacht club. The luxury hotels and exclusive villas and condominiums of the resort will be constructed in Phase Two.

"We are delighted to sign this Memorandum of Understanding (MOU) with Majid Al Futtaim Investments," stated H.E. Ahmed bin Abdulnabi Macki, Minister of National Economy. "Majid Al Futtaim Investments has made significant investments in Oman and the region and their proposal as part of the bidding process was the best match with the project's vision. Their track record and the committed development team will ensure the success of this upscale project."

"This is indeed a major step towards realizing this dream," stated H.E. Abdullah bin Abbas bin Ahmed, Chairman of Muscat Municipality and Chairman of Waterfront Investments. "Once Phase One of The Wave has been launched, local, regional and international investors will find ample opportunities to invest in constructing and running the individual resort hotels, and building and selling the luxury villas and exclusive condominiums overlooking the Gulf of Oman."

For Oman's pension funds, investing in The Wave represents a proud national moment. Warith bin Mubarak Al-Kharousi Chairman of NIFCO stated." NIFCO is delighted to be able to demonstrate its support for this landmark development. Our combined experience and expertise within NIFCO and its shareholders would be available to support the project and help to ensure its success".

As progress with The Wave demonstrates, Oman is rapidly developing as a prime tourist destination of unparalleled natural splendor and authentic Arabian heritage, culture and hospitality.