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Mon 22 Aug 2016 01:44 PM

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Oman's Omran said to buy stakes in 8 tourism projects

Oman's tourism investment arm reportedly acquires stakes to drive tourism development in sultanate

Oman's Omran said to buy stakes in 8 tourism projects
Oman skyline

Omran, Oman's tourism investment arm, has reportedly taken over or acquired stakes in eight companies in the sultanate to drive development.

James Wilson, the company's chief executive, told the Times of Oman, that tourism projects being built in the country amounted to $779.6 million.

The eight firms include Marina Bander Rhowda, the taking over of Oman Sail and Oman Tourism College, two major stakes in listed companies and a 40 percent stake in the The Wave – a mixed-use development, which is home to a 18 hole PGA golf course, residential properties, retail and dining facilities, luxury hotels and a 400-berth marina.

“We have taken a 40 percent stake in The Wave. We have taken the 40 percent shareholding that was held by the Ministry of Finance,” he was quoted as saying.

“That in itself is a pretty big deal, but put together with the six companies we have taken control of and the efforts to put Omanis in the driving seat so that they themselves can shape the future of their country, it’s a very positive time.”

Wilson said Omran had also made progress on the OR500 million mixed-use Mina Sultan Qaboos Waterfront project, which was close to being fully funded.

The project, which includes waterfront promenades, six hotels and business, residential and retail areas is hoped to be open by the start of Expo 2020 in Dubai, he said.

He also indicated that the 1,100 new hotels rooms coming on the market would require around 1,200 staff.

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