A Memorandum of Understanding has been signed for Aims Bay, a new project in Oman’s Musandam peninsula.
The MoU, signed during the Urban October event between the Musandam Government and Al Sarooj Development Company, pledged a collaborative effort to invest in infrastructure and investment opportunities for the development.
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The remit includes utilising the country’s marine assets. As such, the development is set to feature a waterfront development and a waterfront marina.
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The announcement follows a series of upcoming marine properties in the Sultanate. Barka Marina, a privately developed $143 million waterfront development, has begun phased operations. Meanwhile, Four Seasons announced a yacht club and marina in Al Bustan’s $390 million mixed-use site.