Oman’s tourism development company, Omran will take charge of the Port Sultan Qaboos redevelopment in Muscat.
Omran will buy the remaining 70 per cent stake in Muttrah Tourism Development Co, the company initially established to lead the redevelopment for a US$1 billion sum.
It means the tourism development company will have 100 per cent ownership of the lands, plans and works completed so far, including the recently completed experience centre on Al Inshirah.
The original plan for the redevelopment was a "$1bn integrated tourist port and lifestyle destination that includes hotels, residences, dining, retail and leisure."
It is hoped the massive tourism destination will boost investment in the sector and create more jobs for Omanis in the Sultanate.