OMAN GROK Daily News – Excerpts from International Media Reports
[Links to full articles were active on the date posted here]
Oman’s Blue City Teeters as Bondholders Debate Future [May 25]
“Oman’s Blue City, a $20 billion real estate project central to the country’s economic transformation, is on the brink of liquidation and its fate may hinge on talks between bondholders trying to salvage their investment. Owners of $661.5 million worth of Blue City bonds are discussing measures to push the project ahead, including trying to reduce the number of bondholders involved, a person familiar with the talks said. A vote on liquidating the project, proposed by holding company Al Sawadi Investment & Tourism LLC, has been put on hold, the person said. “If it’s not handled appropriately and transparently, it could tarnish Oman’s image as an investment destination at a time when Oman is trying to diversify and develop its tourism sector,” said John Sfakianakis, Riyadh-based chief economist at Banque Saudi Fransi..” [Complete Report]
UAE and Oman ‘May Join GCC Monetary Union’ [May 25]
“GCC Secretary-General Abdulrahman Al Attiyah is optimistic that the UAE and Oman will join the GCC monetary union in the future. The UAE and Oman withdrawing from the monetary union does not mean that they will be discounted, Mr Al Attiyah told our sister paper Akhbar Al Khaleej in an exclusive interview, on the eve of the 29th anniversary of the establishment of the council. The GCC has taken important steps towards launching a common currency, he added. He said that the GCC railway network is expected to be operational by 2017, with the network authority likely to be declared next year. GCC states stand firmly with Yemen’s unity, security and stability and will continue their economic and political backing of Yemen, he affirmed. The GCC states have entered a new stage of integrity and unity, said Mr Al Attiyah..” [Complete Report]
