Muscat: Oman Investment Authority (OIA) announced the restructuring of its tourism and real-estate investments in the Sultanate by transferring them to Oman Tourism Development Company (OMRAN Group), now a subsidy of OIA. This included moving projects and shares in some companies to OMRAN, allowing the group to continue its focused role as the government executive arm in developing the tourism sector and adding further momentum to its contribution to the economic diversification drive.
The restructuring saw the transfer of the integrated Yeti Sustainable Tourism City project, a 1.5 million square metres waterfront tourism complex; 5-star Alila Hinu Bay Hotel in the Wilayat of Mirbat, Dhofar; and Naseem Hotel at Al Jabal Al Akhdhar with its chalets and adventure park. Moreover, OIA’s shares in ASAAS Company, a joint-stock company for development and investment, were transferred to OMRAN Group in order to generate sustainable economic revenues.
As part of this, the integrated multi-purpose and free-hold tourism complex “Hay Al Sharq” is also to be under OMRAN. This step aims to channel tourist and real-estate investments under one efficient management in alignment with Oman Vision 2040 and the Tenth Five-Year Plan. Tourism has been identified in the plan as a key sector to achieve economic diversification in the Sultanate, promote growth, increase the GDP’s non-oil revenues, and attract direct foreign investments.
In addition, this initiative aligns well with the “Rawabet” Program that was launched by OIA last September to establish the general framework for the governance of state-owned firms and establishing a common ground for the policies and systems of these companies in alignment with the overall strategic policies of the authority, which is also aligned with Oman Vision 2040 under the ultimate objective of economic diversification.
Hashil Obaid al Mahrouqi, Chief Executive Officer of OMRAN, expressed his appreciation to Oman Investment Authority for taking this step. Al Mahrouqi asserted that such a measure would drive the growth of OMRAN as it enters a new stage of business growth, strengthen its leading role in supporting economic diversification in the Sultanate as one of the strategic partners in Oman Vision 2040. — ONA
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