U Capital appointed Omran’s advisor for privatisation of hotels

Ubhar Capital SAOC (‘U Capital’) has been appointed as advisor to Oman Tourism Development Company (OMRAN) to study the privatisation of some of its major hotels, according to a news release.

U Capital will advise OMRAN on structuring, marketing and identifying investors, both local and international.  According to Lo’ai B. Bataineh, CEO of U Capital, “The tourism industry in Oman is one of the best growth sectors in the GCC region and we expect to see a lot of interest in OMRAN’s diversified portfolio of hotel assets”

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Speaking on the development, OMRAN CEO Peter Walichnowski said that it was in line with OMRAN’s objective to support Oman’s privatisation plans. “We will study the opportunity to offer shares in a new hotel investment company managed by OMRAN to allow local and foreign investors to participate in the growth of the Oman tourism sector. Funds, which are released by selling shares in the hotel company, can be re-invested in new projects in the tourism sector,” he said.

OMRAN currently has a number of hotel properties, offering a capacity of around 1,000-plus keys, in the pipeline for development at key locations around the Sultanate. This is in addition to a portfolio of nine Omran-owned properties operated by international hotel brands and a further nine 2- and 3-star properties operated under the Group’s home-grown brand ‘Atana’.