Muttrah Tourism Development Company Announces the Restructuring of the Ownership Shares in Mina Al Sultan Qaboos Waterfront Redevelopment Project
July 18, 2020
MUSCAT, July 18, 2020 – Muttrah Tourism Development Company LLC (MTDC) which was established to redevelop Port Sultan Qaboos into a mixed-use tourism and residential community announced today that the shareholders have agreed to restructure the ownership of the company. Under the restructure, Port Investment Limited (PIL) will transfer its 70% shares to OMRAN which currently owns the remaining 30% 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% 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 Sultunate that will bring new investment to the tourism sector and create more job opportunities for Omanis.