Oman’s tourism arm ends deal with Damac for port redevelopment
Omran, the investment arm of Oman’s tourism ministry, will end a partnership with Port Investment Ltd (PIL) that entailed redevelopment of the Sultan Qaboos port.
Omran will buy the 70% stake it doesn’t already own in Muttrah Tourism Development Co., established to redevelop Sultan Qaboos port for $1 billion, Bloomberg has reported.
It will make the acquisition at “a value as documented in the shareholders agreement,” Omran said in a statement. PIL is owned by Damac International, which is a joint venture between Damac PJSC and DICO Group.
Mina Al Sultan Qaboos Waterfront was designed to include homes, offices, hotels and retail and was part of Oman’s efforts to increase revenue from tourism. PIL was picked by Omran to carry out the development in 2017 but work on the project stalled prompting some members of the country’s shura council to demand a government review, the Bloomberg report added.
“Omran and PIL will continue to explore mixed-use development opportunities in the sultanate,” Omran said in the statement.