Abu Dhabi fund buys stalled Omani project
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Abu Dhabi fund buys stalled Omani project

Abu Dhabi fund buys stalled Omani project

Essdar Investments, a fund backed by Abu Dhabi's ruling family, has bought $655.5m of bonds to finance Oman's stalled $20bn Blue City project and plans to exercise "significant control" over its development, Bloomberg has reported. Essdar, the Cayman Islands-based partner of Dubai-based Essdar Capital Managers, will hold 99% of two notes sold in 2006 by Oman's Blue City Investments, following a tender offer that closed on June 7, the firm said. Essdar will push to accelerate development on the tourism and hotel components of the project since they better fit current market demand, Essdar Capital's senior managing director, Suketu Sanghvi said.

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