Muttrah Tourism Development Company (MTDC) which was established to redevelop Mina Sultan Qaboos Waterfront project into mixed-use tourism and residential community announced that the shareholders have agreed to restructure the ownership of the company.
Under the restructure, Port Investment Limited (PIL) will transfer its 70 percent of its shares to Omran which currently owns the remaining 30 percent of shares. Omran will acquire the shares at a value as documented in the Shareholders Agreement.
After transfer of the shares, Omran will own MTDC and have 100 percent 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 these restructures will bring to an end to 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.
Port Investment Limited is a private UAE company established to invest in the redevelopment of Port Sultan Qaboos. The company is owned by Hussain Sajwani, Chairman of DAMAC Group.
Omran is responsible for creating sustainable and authentic tourism assets, lifestyle communities, and destinations that drive economic growth and contribute to the diversification of the economy.
Under the restructure, Port Investment Limited (PIL) will transfer its 70 percent of its shares to Omran which currently owns the remaining 30 percent of shares. Omran will acquire the shares at a value as documented in the Shareholders Agreement.
After transfer of the shares, Omran will own MTDC and have 100 percent 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 these restructures will bring to an end to 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.
Port Investment Limited is a private UAE company established to invest in the redevelopment of Port Sultan Qaboos. The company is owned by Hussain Sajwani, Chairman of DAMAC Group.
Omran is responsible for creating sustainable and authentic tourism assets, lifestyle communities, and destinations that drive economic growth and contribute to the diversification of the economy.
Source Link: www.omanobserver.om
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