Oman’s tourism development severed Port Sultan Qaboos deal

Tuesday, July 21, 2020

Omran, a tourism development company in Oman, has severed its agreement with the international arm of Damac Properties for a $1 billion redevelopment of land around Muscat’s Port Sultan Qaboos.

Omran explained that under a restructuring of Muttrah Tourism Development, which was planned for the redevelopment, Port Investment is transferring its 70 per cent shareholding in the project to Omran.

Damac International owns Port Investment Limited which is a joint venture between Damac Properties and its Chairman, Hussain Sajwani of Dico Group.

“Omran will acquire the shares at a value as documented in the shareholders’ agreement,” the company said.

“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. Omran will continue to lead the redevelopment of Port Sultan Qaboos on behalf of the government.”

The port was the main trading centre serving Muscat for more than two years.

After the commercial port traffic was moved to Sohar Port, this redevelopment was initiated. It opened Port Sultan Qaboos to all cruise liners and made way for the redevelopment agreement signed with Damac International three years ago.

A statement at the time of the deal stated that Mina Sultan Qaboos Waterfront would become a “$1bn integrated tourist port and lifestyle destination that includes hotels, residences, dining, retail and leisure”.

Omran mentioned that though the restructuring ended Port Investments’ involvement with the project; it and Omran would keep on rediscovering mixed-use development opportunities in the sultanate.

It said they would “bring new investment to the tourism sector and create more job opportunities for Omanis”.

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