Located on a natural peninsula 30 minutes from Muscat Seeb Airport, The Blue City is a 32 square kilometer (12.36 square mile) waterfront city being built along 16 kilometers (9.95 miles) of shoreline adjacent to the Gulf of Oman.
One of the largest scale developments in the Middle East, the Blue City 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. The note was rated Baa3 by ratings agency Moody’s in March, 2007, following on from a BBB- rating by Fitch when the note was issued. Bear Stearns was subsequently awarded “Middle East Leisure Deal of the Year 2006” by Project Finance for the arranging of the Blue City note.
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. Blue City 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 opportunities for Omani nationals, promote freehold property ownership for nationals and expatriates alike and serve as a hub for leisure activities in the sultanate.
The projects is expected to be fully completed by year 2020.