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Daewoo Shipbuilding to develop tourism in Oman

Daewoo Shipbuilding & Marine Engineering Co has signed a deal with the government of Oman to develop tourism in Duqm, a port city about 450 kilometres south of Muscat, reported Bloomberg. The venture, which will be the South Korean company's first foray into real estate, will develop Duqm into a tourist and business area, the Seoul-based company said. Daewoo Shipbuilding, the world's third-biggest shipyard, is turning to new businesses to tap increased spending in the Middle East.