Oman is planning a OMR500 million (USD1.3 billion) waterfront development around Port Sultan Qaboos in the capital Muscat that will be paid for by investment from the private sector, Oman News Agency reported on Monday. The project is the first announced part of the sultanate's five-year plan that was published on Sunday, which highlighted an increased role for outside investment to help maintain development projects at a time of lower oil prices and squeezed state finances. Financing will be arranged through pension funds and private sector investment, with no government cash involved, state news agency ONA quoted Minister of Transport and Communications Ahmed bin Mohammed al-Futaisi as saying. The project which is due to be completed over four phases up to 2027, will be 51% state-owned through the Oman Tourism Development Company (Omran) and the remaining 49% will be held by investors, it added. The waterfront development will span 451,000 square metres, and will include hotels, as well as residential apartments and houses around the marina, ONA said. (Reuters)