CEMEA: Financial Close Reached for "Al Medina Al Zarqa", The Blue City Project in Oman

On November 7, 2006 financial close was reached for The Blue City project in Oman. Bovis Lend Lease has been appointed by Blue City Company to provide strategic project management services for Phase One of the Blue City project, Oman.

The Blue City is one of the largest new city developments in the world, occupying a 32 kilometres square sea-front site, approximately 90 kilometres from Muscat. The project comprises 10 phases and the construction will span over 15 to 20 years with a budget between US $15 billion and US $20 billion. When completed the Blue City will be home to over 250,000 permanent and visiting residents and will be a major tourism and business destination.
Phase One of the project involves the construction of 200 villas, 5,200 apartments, four resort hotels totalling 670 keys, various retail areas, two golf courses and associated infrastructures and landscaping. This phase has a project value of approximately US $ 2.1 billion and is due for completion in 2011.

The Government of Oman has committed to support the Blue City project, which is fully aligned with the Government’s plans for modernization and economic development of the Sultanate, by entering into a Development Agreement with the Al Sawadi Investment & Tourism Company (ASIT), the shareholders of the Blue City Group.

”Bovis Lend Lease will operate as an integral part of Blue City’s project team to ensure that best international practices and standards are met throughout the project delivery process “ stated Mark Fletcher, Bovis Lend Lease CEMEA CEO.