Formed eight months ago, the company which will be in charge of this massive tourism development opportunity is called Al Sawadi Investment & Tourism Company (ASIT). Besides the Omani company Cyclone LLC, the consortium now includes Ahmed Abubaker Janahi Holdings (AAJ Holdings), an Investor/Developer from Bahrain, and O.A.S.I.S. Middle East Holding, an investment company. ASIT and its development consultants have worked intensively over the last eight months to prepare a whole new concept for the development. The consultants of previous schemes are no longer involved.
ASIT is proud to announce that the new scheme for the large 35 sq km site is much more than just a resort project. Named The Blue City, it is, as its name would infer, an entire city development. To be developed over several phases in the next 10 – 15 years, The Blue City will include many tourism components – eventually several hotels and tourism attractions, as well as strategic economic development clusters that are aligned with the national interests of Oman and more particular in the education, healthcare, sports and marine sectors. One of the largest urban economic development projects of the Gulf region, The Blue City is anticipated to become home for more than 200,000 people.
The Government of the Sultanate is backing the development and giving it substantial support on many levels, as it is in line with their own policies. Specifically, it will encourage foreign investment in the country and boost the nation’s tourism potential. As such, the development is expected to help the economic growth of the country significantly. It will also create education, professional training and employment opportunities for many thousands of Omanis, right from the initial phases, through to its completion as a viable, working city.
The investors have commissioned the Bahrain headquartered company, ReeMoon as Development Managers. ReeMoon is currently developing the Bahrain Financial Harbour project in Bahrain – a 1 million sqm masterplanned urban development.
ASIT and their investors/ developers will officially present The Blue City at a launch in Muscat shortly.
Wednesday, March 23- 2005 @ 17:13 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.