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Wednesday, April 21, 2010

Blue City project in Oman to revive

Posted on » Wednesday, April 21, 2010

MANAMA: Qatari investment company Bin Muhanna Holding Group yesterday announced its participation as a main partner in the major Blue City project being set up in Oman by the UDM Group and Bahrain-based A A J Holding.

Bin Muhanna Holding chairman Dr Najeeb bin Mohammed Al Noaimi said the firm were happy at becoming part of the major project.

"We will now approach international banks, investors and insurance companies in order to restore confidence in this project, which has been facing obstacles and hindrances, and realise its objectives."We will also co-operate with all the partners, particularly A A J Holding, which started the project in 2004."

He said the company will work closely with all investment and financial centres to revive the project and realise its development objectives. He said the project has faced major setbacks and obstacles, which were created by some investors, and this has reflected adversely on its reputation.

"We will now rise to the occasion of this partnership, and we will provide financial and legal assistance through our long experience in this field to develop the project and reach positive results."

A A J Holding president Ahmed Abu Baker Janahi said the company is proud of this partnership which comes at a time when the project needs investors who have financial and legal leverage. "This initiative will be a qualitative step and a much needed addition to the project that will enable it to overcome the obstacles and hindrances which have obstructed its development and affected its reputation on a global level," he said.

"We will also invite every sincere person or party wishing to develop the project and we hope that all other investors will serve the project's high interests and the interests of all local, regional and global partners who are keen for the success of the project, particularly when its failure will affect the investment climate in the entire region," he added.

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