Omran, the investment arm of Oman’s tourism ministry, will end a partnership with Port Investment Ltd. owned by Damac International.
Omran will buy the 70 percent stake it doesn’t already own in Muttrah Tourism Development Co., established to redevelop Sultan Qaboos port for $1 billion. It will make the acquisition at “a value as documented in the shareholders agreement,” Omran said in a statement on Saturday.
Damac International is a joint venture between Damac PJSC and DICO Group, a spokesman for Damac confirmed.
Mina Al Sultan Qaboos Waterfront was designed to include homes, offices, hotels and retail and was part of Oman’s efforts to increase revenue from tourism. PIL was picked by Omran to carry out the development in 2017 but work on the project stalled prompting some members of country’s shura council to demand a government review.
“Omran and PIL will continue to explore mixed-use development opportunities in the sultanate,” Omran said in the statement.