Oman’s tourism arm to lead $1bn redevelopment project
Omran will lead the Port Sultan Qaboos project in Muscat
Oman’s tourism development company, Omran, has ended its agreement with the international arm of Damac Properties to redevelop the land around Port Sultan Qaboos in Muscat.
Omran will buy the remaining 70 per cent stake in Muttrah Tourism Development Co, the company initially established to lead the redevelopment for a US$1 billion sum. Omran will make the acquisition at “a value as documented in the shareholders agreement.”
"After transfer of the shares, Omran will own MTDC and have 100 per cent ownership of the lands, plans and works completed to date, including the recently completed experience centre on Al Inshirah,” the company said in the statement.
"Omran will continue to lead the redevelopment of Port Sultan Qaboos on behalf of the government."
The original plan for the redevelopment was a "$1bn integrated tourist port and lifestyle destination that includes hotels, residences, dining, retail and leisure."
It is hoped the massive tourism destination will boost investment in the sector and create more jobs for Omanis in the Sultanate.