Bin Muhanna, AAJ Lose Ruling Over Ownership of Oman’s Blue City
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Bin Muhanna Holding Group and AAJ Holdings Co. said they lost a ruling over ownership of Oman’s Blue City, a stalled $20 billion real estate project.
Oman’s Supreme Court ruled last week that Cyclone LLC owns 70 percent of Blue City, Najeeb Al-Noaimi, chairman of Bin Muhanna, said in a telephone interview yesterday. Qatar-based Bin Muhanna and Bahrain’s AAJ are now reviewing their legal options, Al-Noaimi said. Othman Janahi, an AAJ board member, confirmed the decision.