Wednesday 17 September 2014
 
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Blue City

Onyx in bid to recover Blue City investment

Onyx Investments on Sunday said it had filed a statement of claim with the Omani courts, as a first step to recover its investment in the stalled real estate project Blue City. In March, Onyx, 100-percent owned by government-controlled Oma

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Essdar sells Blue City notes to Oman fund

Essdar Capital, an Abu Dhabi-backed firm, sold its bond investments in the troubled Blue City project to an Oman government-controlled fund. In a statement on Wednesday, Essdar, 35-percent owned by the ruler of Dubai's investment company,

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Essdar eyes distressed deals, bank books

UAE-based Essdar Capital, which recently bought the senior debt of Oman's troubled $15 billion Blue City project in a distressed deal, is betting on its local expertise to tap more such opportunities, a top executive said. Essdar, 35-perce

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Essdar buys debt of troubled Blue City project

UAE-based investment fund Essdar Capital has bought the Class A senior debt of a troubled $15 billion property project in Oman on Wednesday, in a distressed debt deal that highlights the woes of the region's property sector. Essdar has bou

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Essdar eyes Oman Blue City bonds

Dubai-based asset manager Essdar Group said it has made a discounted bid for two bonds used to finance a troubled $15 billion property project in Oman after the notes were downgraded. Credit agencies this month slashed their ratings for th

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Blue City, AT&T ink infrastructure deal

The Blue City Company 1 (BCC1), and AT&T have signed an agreement for delivery of the design for advanced communications services and related infrastructure at the Al Madina A’Zarqa, a major infrastructure project in Oman. Under the de

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IHG to develop Oman waterfront hotel

Blue City Company 1 (BCC1) has signed an agreement with InterContinental Hotels Group (IHG) to develop a five star waterfront hotel at Al Madina A’Zarqa, a key real estate infrastructure project in Oman. The InterContinental Al Madina A’Za

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Al Madina A’Zarqa sale in 3 months

The next sales release of Al Madina A’Zarqa will take place in three months, Blue City Company 1 (BCC1) announced yesterday ( March 30). The next release will include some of the most unique and prestigious properties in the Gulf, includi

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Bahraini firm wins Oman law suit

An Omani company has reportedly lost a lawsuit filed against a Bahraini firm, which it accused of illegally acquiring a majority stake in the multi-million dollar Blue City project in Oman. Bahraini investor Ahmed Abubaker Janahi on S

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Bahraini firm sued in Oman

A Bahraini company is facing court action in Oman after its partners accused it of illegally acquiring a majority stake in a multi-billion dollar project to build an entirely new city. However, AAJ Holdings Company (AAJHC) said it was an u

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