MUSCAT 12 Oct :
In a move to rejuvenate the pristine shores of Mirbat in Dhofar Governorate, publicly traded Dhofar Tourism Company SAOG (DTCo) has embarked on an endeavour to transform its 2 million m2 of freehold land into a world-class tourism destination.
As a first step, Dhofar Tourism has inked a strategic partnership with leading design and architectural firm F&M Middle East Engineering Consultancy to support the development of a master plan for Mirbat, a heritage-rich town on the Dhofar coast.
Dhofar Tourism, which is listed on the Muscat Stock Exchange (MSX), owns a luxurious 5-star property, currently branded as the Wyndham Garden Salalah Mirbat Resort. Launched as the Mirbat Resort & Spa in 2011, it was the first luxury property on Dhofar’s east coast, a short distance from Salalah City, enabling international tourists to spend their winter holidays in this distinctive part of Oman. For a while, the prestigious Marriott chain too operated the property. Among its many facilities is a dive centre.
More recent enhancements to the property include a 500-metre boardwalk to the beach, a small amphitheatre, a mini soccer field, and a children's games room have been added.
One of the most exciting aspects of this endeavor is the construction of 80 residential units, set to be offered for sale after detailed graphics and all official procedures have been completed. These residential units are expected to be a significant addition to the Mirbat Resort, providing a unique investment opportunity.
A master plan for the holding’s unused areas is divided into seven phases, and the collaboration with F&M Middle East Engineering Consultancy marks the initiation of Phase 2. Dhofar Tourism’s ambitious vision is to create a modern, integrated tourism complex that will not only cater to local tourists but also attract international investors.
In a filing to the Capital Market Authority this week, Dhofar Tourism said it has secured funding ranging between RO 250,000 to 300,000 from a third party provider, Dolphin International LLC, to support ongoing expenses associated with the project. Importantly, this is a non-profit arrangement, with Dolphin International LC extending the funds on an arm's length basis. Interest paid by Dolphin for borrowing the amount will be recharged to Dhofar Tourism without any markup, and the loan will be repaid once Dhofar Tourism secures additional funding. The Board has already given its approval to this arrangement, and it is set to be presented at the next Annual General Meeting for shareholders' approval, the company added in the filing.
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