- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:54 06:07 12:11 15:33 18:09 19:23
Oman's Majan Development Company (MDC) is planning to develop a healthcare city near Muscat with an estimated investment of $774 million to $1.03 billion, a senior official of the Kuwait-based Gulf Investment House (GIH) told reporters.
"An international consultancy agency has conducted market research for the project in the GCC region. The result was positive... A feasibility study for the project is going on now," said Bashar al Tuwaijri, senior manager for direct investment at Gulf Investment House, which is initiating the project with a 20 per cent stake in MDC.
Tuwaijri said the healthcare city would be constructed on a build, operate and transfer (BOT) basis.
"Construction is expected to start by next year," he told reporters.
Oman's Ministry of Tourism has agreed to allot land of 1 million square meters near Blue City, which is 100 kilometres away from Muscat.
Al Tuwaijri said the healthcare city would include medical colleges, hospitals, conference halls, hotels and shopping malls.
"The project will be funded by way of equity and term loan from banks," he said.
MDC was formed by a group of investors in the Gulf region to develop real estate projects in Oman.
It is 20 per cent owned by GIH, 10 per cent by Commercial Real Estate, 10 per cent by Sharjah Islamic Bank, 30 per cent by other non-Omani investors and 30 per cent by pension funds and other institutional investors in Oman. (Reuters)
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