On August 1st, 2005 an American company, Journey of Light Inc, signed an MOU with Oman's Ministry of Tourism to develop a $700 million resort to be located close to The Wave. The project includes "cultural, educational, tourism and entertainment activities and, as currently planned, includes a theme park & exhibitions; hotels; restaurants; commercial and retail businesses; office space and residential units". As its contribution to the project, the Ministry of Tourism will give the company "between 800,000 and 1,000,000 square meters of beachfront land (approximately 200 to 245 acres).. This land faces the Gulf of Oman and is near the Muscat International Airport".
The theme park and exhibition areas within the Project, to be known as the "Landmark," is planned to be an innovatively designed development that will combine cultural and heritage components with tourism attractions. The Landmark will be owned and operated by a separate joint venture company (the "Landmark Company") where the majority interest will be owned by the government of Oman who will underwrite all operating losses, if any, of the Landmark. Management of the Landmark will be by the Project Company under a separate fee arrangement with the Landmark Company.Sources: Forbes businesswire [link], MEED [link], Commercial Real Estate News [link]
The Project's development and construction costs will be reviewed by JOL in the coming months but are presently estimated to be approximately $700 Million. The residential units will account for approximately 60% of the cost. The balance of the construction costs will be utilized to build the various hotel, retail, shopping and rental property businesses, to be owned and operated by the Project Company, and the Landmark, to be owned by the Landmark Company.