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MB Holding Company Venturing Into Tourism Industry

One of Oman’s largest companies, MB Holding Group of Companies, is planning on entering into the tourism sector by investing in the development of prime, upscale, resort real estate throughout the Sultanate.

The Chairman of MB Holding, Dr. Mohammed al Barwani says that the goal is to invest approximately RO 100 million in projects involving hotels and other tourism related ventures during the coming four years. The company has already purchased 53% of the public company Interior Hotels. Al Barwani explained that this company will be the “public vehicle” into which the other properties which MB will acquire will be merged.

Dr. Barwani was attending an investment forum this week where he told journalists that,

“We are developing along with the government a hotel in Salalah. We are also developing a hotel on our own in Duqm. At Bandar Jissah, we are (developing a property) along with the Towell Group, while in Sifah we are planning a hotel with another group in Oman. Our intention is to invest in the hotel area and later put it into a public vehicle.”

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