Oman Tourism Development Co (Omran) plans to set up a subsidiary company to develop the OMR500mn Mina Sultan Qaboos Waterfront Project, with 51 per cent owned by itself, and the remaining 49 per cent taken up by pension and investment funds, as well as private-sector investors. Signifying global attention for the development, Omran said it has received expression of interest from leading global hotel operators to manage one of the seven waterfront hotels, including The Address (Emaar), Mandarin Oriental Hotel Group, Hyatt, Viceroy Hotels and Resorts, Hilton Hotels & Resorts, Taj Hotels Resorts and Palaces, Banyan Tree Luxury Hotels and Resorts, Chedi, and Four Seasons. The project will be developed over four phases, with construction of Phase One set to begin by the middle of this year. Completion is set for 2020. (Muscat Daily)