Omran has purchased a 40% stake in Muscat-based project The Wave, a stake which was previously owned by Oman's Ministry of Finance. Omran has purchased a 40% stake in Muscat-based project The Wave, a stake which was previously owned by Oman's Ministry of Finance.

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

The organisation revealed to the Times of Oman, through its chief executive James Wilson, that tourism projects being built in the country were amounting to US $779.6m (OMR 300)

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% 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% stake in The Wave. We have taken the 40% 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 OMR500 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 confirmed.

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

“We want them to be serving tourists to a globally high standard, hence our taking ownership of the tourism college. Our senior managers will be going there to talk to classes about real-life in the hospitality industry and give lectures.”

The organisation hopes that 45% of staff in any new hotel it opens will be Omani - from around 30% in its current properties - according to the publication.

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