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Oman/UAE: Damac drops out of Muscat waterfront project

Dubai-based luxury property developer Damac, which made a loss in 2019 even before coronavirus hit the UAE in 2020, has exited the Port Sultan Qaboos waterfront project in Muscat. No reasons have been given for the end of its involvement.The scheme was being developed under a 2017 deal by Muttrah Tourism Development Company, which was 30% owned by Omran Group and 70% by Port Investment Ltd; the latter is owned by Damac Properties (20%) and its chairman Hussain Sajwani’s Dico Group.

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