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Canada's Fairmont to build $100 million hotel in Oman

Thu Jun 12, 2008 6:59am EDT

MUSCAT (Reuters) - Canada-based Fairmont Hotels and Resorts, controlled by Saudi billionaire Prince Alwaleed, signed a deal on Thursday to build a $100 million hotel in Oman.

The hotel will be part of the Wave Muscat development, a project which will include an 18-hole golf course designed by Greg Norman.

The deal was signed by officials from the Wave, being built over an area of 2,5 square km (617 acres).

Oman has said it was looking to raise tourism revenues to 2.5 percent of gross domestic product in 2008. The industry's revenue stood at 328 million rials ($851.9 million) in 2007. Oman attracted about 650,000 tourists in 2007, 12 percent more than the previous year.

The Wave Muscat is 1 billion rial joint venture between Oman's Waterfront Investments, National Investment Funds Co and UAE's Majid Al Futtaim Group.

(Reporting by Saleh al-Shaibany;)

About Fairmont

Fairmont Hotels & Resorts is the largest luxury hotel company in North America, with a distinctive collection and a worldwide reputation for excellence. They have a diverse portfolio includes historic icons, elegant resorts and modern city center properties. From the beaches of Hawaii and Bermuda to the heart of New York City, all of the hotels offer a superior guest experience that is uniquely ''Fairmont.''

Hotels under the Fairmont banner offer guests an extraordinary place that is created by combining unique architecture and structure, expressive decor and artistry, and magnificent features all in one great location.

Most of their hotels were among the first buildings to be erected in young cities across North America. Few hotels can boast that their communities literally grew up around them. They have added modern city center properties, with core locations that allow you to join the hustle and bustle of the city, take part in the action of the business district, and enjoy the culture, the lights and sounds of street life. Their collection includes such fine properties as the Fairmont Miramar Hotel Santa Monica, and The Fairmont San Francisco, steeped in history and a city landmark. Their resorts are situated in some of the most breathtaking and pristine areas in the world, and travelers from across the globe associate Fairmont with the most inviting beaches, challenging golf courses and exhilarating ski hills.

About The Wave, Muscat

The Wave, Muscat is a fully master planned community overlooking the Gulf Of Oman occupying a total area of 2,500,000 square meters along 6km of natural beach. The Wave, Muscat, once complete, will be home to 4,000 dwelling owners from all nationalities, a signature 18 hole green Golf Course designed by the legendary Greg Norman, 300 berth Marina, 3 luxury hotels, villas, retail and restaurant outlets. Located within a 10 minute drive from the centre of town, the community will be within driving distance from the numerous authentic attractions of Muscat, while enjoying world class amenities and facilities.

The Wave, Muscat, is being developed through a joint venture comprising Oman’s Waterfront Investments (representing the Government of the Sultanate of Oman), National Investment Funds Company (representing Omani Pension Funds), and the UAE-based Majid Al Futtaim Group.