Hussain Sajwani, chairman of DAMAC Properties, signed a Memorandum of Understanding with government officials to redevelop Port Sultan Qaboos into a tourist destination. Omran, the Oman Tourism Development Company, will supervise the development.

The port, which was originally built in 1975 and was used for commercial shipping, will have hotels, residences, shops and restaurants. Port Sohar will be used as a commercial port in its place.

“As part of its commitment to the project, DAMAC will contribute to the local road infrastructure, improving opportunities for local SMEs and Omani nationals, as well as enhancing the economic and social standing of the community as a whole,” Sajwani said in a press release.

Dr. Ali Al Sunaidy, the deputy chairman of the Supreme Council for Planning, noted in the press release that the $1 billion project is part of a larger plan to diversify the country’s economy from oil and to boost investments in tourism, real estate and leisure in the area. Port Sultan Qaboos lies in Muttrah, a tourist hub home to some of the country’s most famous sites, like the Muttrah Souq.

The first phase of the project includes a fish souq, a five-star hotel, apartments, boutiques and restaurants, among other features. Phase one is expected to be completed by 2019. The full project, which will be developed in four phases, should be complete by 2027.

Sajwani, who ranks tenth on Forbes Middle East’s list of The World’s Richest Arabs with a net worth of $3.7 billion,  is one of Donald Trump’s international partners; Trump called him “a very, very very amazing man,” in a press conference soon after becoming the U.S. president. Sajwani opened the Trump International Golf Course Dubai in February. He is set to open the Trump World Golf Course, which was designed by Tiger Woods, in Dubai by the end of 2018.