Majan Development Co (MDC) has become the latest to enter Oman?s booming real estate market, announcing that it is planning a 400 million Omani riyals ($1 billion) healthcare city. The proposed integrated city is going to come up in the Omani capital Muscat, according to a report in a local newspaper. With an authorized capital of 40 million Omani riyals ($103 million) and paid up capital of 25 million Omani riyals ($65 million), MDC has been founded by investors in the region with the Kuwait-based Gulf Investment House (GIH) holding a 50 percent stake. ?We plan to take advantage of the investment opportunities in the Omani market by targeting the tourism, commercial and residential sectors,? Nasser Al- Tiwaijiri, senior manager for direct investments at GIH, was quoted as saying. Work on the first phase of the healthcare city, to be carried out on a build, operate and transfer (BOT) basis, will start next year, the report said. __
