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Damac ends joint venture with Oman's Omran

Damac ends joint venture with Oman's Omran
Omran will raise its ownership in MTDC to 100%
Damac
DAMAC
2.77% 0.97 0.03

Dubai – Mubasher: DAMAC Properties clarified that Damac International Limited (DIL) has entered a transaction to restructure Muttrah Tourism Development Company (MTDC).

DIL, a joint venture between Damac and Dico Group, will end its agreement on the redevelopment of the land around Port Sultan Qaboos in Muscat with Oman Tourism Development Company (Omran), according to a press release on Wednesday.

To end the joint venture, DIL, which held a stake in MTDC through Port Investment, will transfer its 70% shareholding in MTDC to Omran.

Hence, Omran will raise its ownership in MTDC, set to conduct the redevelopment of land around Port Sultan Qaboos, to 100%.

It is worth mentioning that in July Damac announced that restructuring MTDC will not have any financial impact on the company.