Al Madina A'Zarqa (formerly known as Blue City) is a $15 billion mega city project in the Sultanate of Oman. Spread over 32 square kilometres and 16 kilometres of coastline along the coastal region at Al Sawaadi, only 45 minutes from Muscat.
Investment Outline
When completed, the city will include more than 20 hotels, hospitals, university. It will also have shopping centres, marina, schools, and other amenities and facilities that one would want and need in a thriving metropolis. Al Madina A'Zarqa supports the government Vision 2020 in diversifying the Sultanate's economy from fossil fuel. This new city will generate large scale employment upon completion and will be a destination not just for the GCC nationals but also for the international market.
One of the largest scale developments in the Middle East, the Al Madina A'Zarqa represents a total investment of between $15 – $20 billion.
The first round of financing was secured through the issuing of a bond note by Bear Stearns on international markets raising $925 million US. Bear Stearns was subsequently awarded “Middle East Leisure Deal of the Year 2006” by Project Finance for the arranging of the Al Madina A"Zarqa.
The organization behind the project is Al Sawadi Investment & Tourism Company (ASIT) which has the endorsement of the government of Oman to bring this massive urban development to life.
Al Madina A'Zarqa will serve as a growth engine for the Omani economy and will radically expand the tourism facilities in Oman. The city will generate large scale employment opportunitie s for Omani nationals, promote freehold property ownership for nationals and expatriates alike and serve as a hub for leisure activities in the sultanate.
Think 2 Invest is proud to be associated with the Al Madina A'Zarqa development and have secured specific areas of the master plan to market. At this stage, we are seeking large scale private equity investors, institutions and corporate organisations for JV to build a 300 berth marina (in two parts), several beach hotels, a golf course with residential (500+ units) and a 200,000 m2 shopping leisure mall with a business 3 star hotel.
Shopping Mall and Hotel Development
For JV partners interested in developing shopping malls, we have ear marked two specific sites on the master plan and as nothing of this scale or by comparison exists at the moment, we envisage that this size of mall will draw upon 1.5 -2 million potential consumers domestically, within 1.5 hours drive radius plus tourists.
We also access to an additional site of 400,000m2 where it is envisage construction of up to 200,000m2 on up to 3 levels will create a shopping centre and a 6 floor hotel with parking for plus 25,000 cars. The hotel needed is a business 3 or 4 star conference hotel at the 50 RO per night rate level, the centre is envisaged to have around 250 shops, 8 or so restaurants, 25 or so food court cafes, an Ice rink, Olympic pool, Snow dome, bowling and multiplex cinema.
There is a great deal of flexibility more density or less can be built, the site is adjacent to a new motorway and the local population is forecast to increase 250,000 over the next 10 years as the city develops.
As we are in the very early stages of the development of the master plan options can be considered from leasehold, freehold, JV, with our without potential local bank financing. Essentially there is only an outline concept and planning as it is considered that the developer / operator will wish to shape and influence the detail of matters going forward. Oman is now ready for shopping facilities where retail mix is planned to give a shopping experience and where designer brands are represented, combined with leisure. This location is exactly right.
Think 2 Invest with its associated partners in Oman have full ministerial support, lateral planning and various funding/debt and J V options if required.
Golf Course Development
We have the rights and access to develop two 18 hole golf courses with up to 500 properties
One Course is planned and underway, the second is available, it is envisaged that the second course will link with the first giving multiple play permutations. Oman has two green courses in existence 1000 km apart, golf is a relatively new phenomenon here and commands high fees compared to Europe. Whilst the golf in itself may not be a convincing business model yet, it is by far and away compensated in driving the residential value of sales.
5* Beach Front Hotel Development
Several 5* Beach Hotels (four are already signed) are available: All are stunning beach front or marina front situations, Oman is reported as substantially under facilitated by hotels and is set to grow the local airport capacity from 3.5m passengers to 11m passengers work is already underway.
300 Berth Marina Development
An up to 300 Beth Marina with up to 500 luxury properties with local cafes and small shops.
A Natural Khor is planned to be dredged to a low tide hull depth of 3m creating a spectacular beautiful day marina supported by a modern working marina (shown on the plan at the opposite end of the city, however this is now considered to need to be located closer) 500 high class condo style water front properties with a Parisian board walk, cafes and restaurants (some in the water) will complete the central premium area of the City. To the right entity we can offer this complete opportunity.
We have full ministerial support, lateral planning and various funding/debt and J V options if required on all opportunities. All interested Parties will need to sign a simple NDA with Think Investments, confidentiality and dealing with specific capable parties is a requirement of the City. The City will announce shortly very positive developments that will propel it into one of the major global opportunities, we therefore urge interested parties to act quickly.
Other Opportunities
Thesel include, 2 Theme parks, 500 bed teaching hospital, a 10,000 student university, a full central business district, 44,000 residencies over 15 years and much more.
Location
Located on a natural peninsula 30 minutes from Muscat Seeb Airport, Al Madina A"Zarqa is a 32 square kilometre (12.36 square mile) waterfront city being built along 16 kilometres (9.95 miles) of shoreline adjacent to the Gulf of Oman.
The whole project is expected to be fully completed by year 2020.
Highlights of this Unique Opportunity
- Excellent ground floor JV opportunities for corporate organisations in Oman
- Land being offered for free to the right organisation with a track record
- All planning will all be done and agreed with the developer
- As a developer you will need to put in around 20% - 25% as a commitment
- Funding of around 75% - 80% is available
- The City will mutually agree the potential with the developer
- It is considered that the constructor will be a constructor / operator.
- The city will assist with tenanting, e.g. shopping centre, Harrods and the like.
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