Omran set to assume operation of Muscat port

According to the source, most — if not all — of the 115-plus staff currently on PSC’s rolls will transfer to Omran going into the new year.

They include all of the Omani staff, as well as the harbour master and marine staff critical to the port’s operations.

Also likely to be acquired by Omran are some of the tugboats and facilities, currently owned by PSC, but crucial for the smooth operation of the port.

Significantly, shareholders representing the government’s 35.5 per cent stake in PSC, currently held by sovereign wealth fund Oman Investment Fund (OIF), voted in favour of the liquidation move at last week’s EGM. OIF, along with other public sector entities, make up roughly half of the Corporation’s equity.

As part of the liquidation process, set to last around 8 to 12 months, PSC will seek to sell its corporationowned assets which include, among other things, its headquarters building at Jibroo. Investments made in stocks over the years — all part of the corporation’s substantial book value — also promise result in attractive payouts to shareholders upon liquidation.

Last month, Omran launched Phase 1 of the Mina Al Sultan Qaboos Waterfront Project envisaging the transformation of the port area into a major tourism-based development with business and residential zones, a shopping centre, six hotels, recreation amenities and tourist attractions, as well as docking facilities for cruise liners and yachts.

Phase 1 of the integrated development is expected to be ready by 2020.