MUSCAT: The government has restructured the ownership of Muttrah Tourism Development Company LLC (MTDC), which was established to redevelop the widely discussed waterfront project at Mina Sultan Qaboos.
According to sources, MTDC 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,” MTDC said in the statement.
The decision from MTDC comes after the newly formed Oman Investment Authority (OIA) said it is reviewing and re-evaluating the project signed by Omran and UAE-based Damac in 2017.
Although these restructures will bring to an end to PIL’s (a subsidiary of Damac) 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.