Omran to take over waterfront project in Muttrah

Oman Sunday 19/July/2020 09:00 AM
By: Times News Service
Omran to take over waterfront project in Muttrah

Muscat: Muttrah Tourism Development Company LLC (MTDC) has announced that the shareholders have agreed to restructure the ownership of the company.
MTDC was established to redevelop Port Sultan Qaboos into a mixed-use tourism and residential community. Under the restructure, Port Investment Limited (PIL) will transfer its 70 per cent shares to Omran which currently owns the remaining 30 per cent of the shares.
Omran will acquire the shares at a value as documented in the shareholders agreement," a statement by the MTDC said.
"After the 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.
"Although this restructure will 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 Sultanate that will bring new investment to the tourism sector and create more job opportunities for Omanis," the statement added.