Omran to take over Muttrah Tourism Development Company
CONSTRUCTION NEWS
Leading tourism group Omran has entered into an agreement with Port Investment Limited (PIL) to acquire Muttrah Tourism Development Company (MTDC) which was set up to redevelop Port Sultan Qaboos into a mixed-use tourism and residential community.
MTDC said its shareholders have agreed to restructure the ownership of the company.
Under the restructure, PIL will transfer its 70% shares to Omran which currently owns the remaining 30% of shares.
MTDC said although this restructure would bring to an end PIL’s involvement in the port redevelopment, both Omran and PIL will continue to explore mixed-use development opportunities in the sultunate that will bring new investment to the tourism sector and create more job opportunities for Omanis.
Omran will acquire the shares at a value as documented in the shareholders agreement,
stated MTDC.
After transfer of the shares, Omran will own MTDC and have 100% ownership of the lands, plans and works completed to date, including the recently completed Experience Centre on Al Inshirah.
Omran will continue to lead the redevelopment of Port Sultan Qaboos on behalf of the Government, it added.-TradeArabia News Service
