Abu Dhabi Fund Sees Blue City Revamp Role After Bond Purchase
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Essdar Investments Ltd., a fund backed by Abu Dhabi’s ruling family, plans to exercise “significant control” over Oman’s stalled Blue City development after agreeing to buy $655.5 million of bonds that financed the project.
The investment is “a bet on the long-term development of such projects in Oman,” Essdar Capital’s senior managing director, Suketu Sanghvi, said in a phone interview from London today. Essdar will push to accelerate development on the tourism and hotel components of the project since they better fit current market demand, he said.