Yiti resort first phase may go on stream by mid-2009 - 5/20/2007

The first phase of the picturesque $1.4 billion Salam Resort & Spa (Yiti) is expected to be completed by mid-2009. Official sources told the Times of Oman that when fully developed, over 700 hotel rooms would be available for tourists with additional serviced residences. The property offerings will include exclusive 5-star hotels, luxury villas and magnificent apartments, complemented by a golf course, a marina, a state-of-the-art wellness spa and eco-marina centre. The project is being developed by the UAE-based Sama Dubai in a joint venture with Omran (Oman Tourism Development Company). Sama Dubai is the international property development & investment subsidiary of Dubai Holdings while Omran is the Oman Government sponsored tourism development representative. Salam Resort & Spa-Yiti is one of the two resorts being created under the Sama Dubai Resort & Spa brand. The other is Salam Beach Resort & Spa – Bahrain, which will be the kingdom’s first exclusive beach community. The 3.7sq.km Salam Resort & Spa–Yiti located at a 15-minute drive south of Muscat, is positioned as an architectural testimony to Oman’s diverse natural beauty, rich culture and beauty and is poised to become a prime destination for the international luxury travel market. Building on the natural canvas provided by Oman’s breathtaking surroundings, the Salam Mountain Beach Resort & Spa-Yiti will harness the beauty of the region, offering long stretches of beach and spectacular views. One of the elements which makes this project appealing is the unique architecture which is inspired by the Omani heritage and remains true to the traditions and culture of the Sultanate. The mountain and beach club setting will also deliver a luxurious and sophisticated environment to guests seeking escape. The resort aims to attract international and regional tourists as well as second-home owners in search of tranquillity, wellness and relaxation and aims to convey the true essence of Oman. Luxury villas and townhouses will be available for private freehold ownership to expatriates. Officials of Sama Dubai are upbeat that Salam Resort & Spa-Yiti fits into the overall tourism component of the Sultanate of Oman. “With Oman’s politically stable environment and a growing economic and social system, the progression of the country has resulted in a great increase in tourism. Oman’s dramatic deserts and coastal landscapes surrounded by the azure waters of the Gulf of Oman combines to create a wonderful tourism experience. In addition the historic culture of the Omani lifestyle which dates back 5,000 years, makes Oman a truly unique destination for international visitors,” representatives of Sama said. Living up to its Arabic connotation meaning of ‘peace’, the ‘Salam’ resorts promise harmonious living within the finest integrated luxury resort communities in the world. www.timesofoman.com

RO30m worth of villas sold at Wave Muscat - 5/19/2007

All the villas facing the lake and the garden in the grand Wave Muscat project were sold off in the morning sale session held on Thursday. Following the phenomenal success of the first and second phases, The Wave Muscat, the Sultanate’s leading tourism and beachfront residential development project, launched their latest collection of homes and villas located on the first of the three islands. The sale of RO30 million worth of villas is an added value to the third stage of the project. The villas are located on the first residential island of the project. The positive response contributes a great deal to prompt sales and investment in such a vital project, said HE Engineer Abdullah Bin Abbas Bin Ahmed, Chairman of Muscat Municipality and Chairman of The Wave Muscat. The property is a good opportunity for both residents and investors. Sale of these villas in such a short span of time reflects the interest of residents and investors in such a project. Those who could not buy during this sale session will have a chance to buy it in another sale scheduled to take place after summer, he added. The Wave Muscat is being developed through a strategic partnership of the Sultanate’s government, the UAE-based Majid Al Futtaim Group, and the Pension Investment Fund. The project is playing a pivotal part in the development of real estate and community lifestyle in the Sultanate. source: www.omantribune.com

Omagine Gets The Go Ahead - 5/11/2007

Journey of Light, Inc. ("JOL") received notice from the Ministry of Tourism in the Sultanate of Oman in late March 2007 that the Government of Oman had approved the development for the Omagine project ("Omagine") which is a tourism and residential real-estate development project with a projected construction cost of approximately U.S. $1.6 billion. In April 2007, JOL sent its written acceptance to the Ministry of Tourism. JOL management is in Oman to finalize the commercial terms and documentation of a Development Agreement for Omagine and JOL expects to receive a draft agreement from the Government in May 2007. Omagine is an integration of cultural, heritage, educational, entertainment and residential components, including: a "high culture" theme park containing seven pearl shaped buildings, each approximately 60 feet in diameter (the "Pearls") and associated exhibition buildings (collectively, the "Landmark"); a five star resort hotel; a four star hotel; a boardwalk; an open air amphitheater and stage; a canal and enclosed harbor area; boat slips; commercial office buildings; shopping and retail establishments; restaurants and open space green areas. Additionally, Omagine includes approximately 3,900 residences consisting of a combination of villas, town homes and apartments. The Omagine development site is located on an amazingly pristine coastal stretch of beachfront approximately 20 km. northwest of Muscat and only 4 km. from the Oman International Airport. The approximately 1,000,000 square meter property (approximately 245 acres) has one kilometer of beach frontage, but will be developed to have over 7 km. of water frontage – of which 1.8 km. will be beach-front. The total present value of the Omagine Site is approximately USD $270 million. The government of Oman is supplying the land to JOL.

Website Launches - 1/5/2007

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