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Oman’s Onyx aiming to recover Blue City investment

Onyx Investments, wholly-owned by the government-controlled Oman Investment Fund, has announced it had filed a statement of claim with the Primary Commercial Court of Oman as a first step to recover its investment in the stalled real estate project Blue City, Reuters has reported. Last March, the firm bought all of Abu Dhabi-backed firm Essdar Capital's bond investments in the troubled Blue City project for an undisclosed amount in a rare distressed deal in the Gulf. The Bank of New York Mellon and Bank Muscat are security trustees and filed the statement of claim "to obtain a debt recovery judgement which is required in order to subsequently commence enforcement of the project security in Oman," Onyx said.