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DSME to foray into tourism sector

DSME to foray into tourism sector

Seoul: South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering has signed an agreement with the Omani government to develop the tourism sector in Duqm, reports Bloomberg. The deal, which has an estimated value of roughly $20 billion and is DSME's first foray into real estate, will see the company the port city about 450 kilometers south of Muscat into a tourist and business area.

DSME is currently in the process of building a ship-repair yard in Oman, which is tipped to be oneof the biggest in the Middle East.

The company may develop Duqm into a marine resort with condominiums and hotels as well as building homes for people working in the city, which will become an industrial and tourist area by 2020, the shipyard said. The government also plans to build a refinery complex, a crude-oil export terminal and a new airport and expand port facilities in the city.  [25/04/08]