Al Muttawar formed under the auspices of GLOREI

Al Muttawar formed under the auspices of GLOREI

Global Omani Development & Investment Company SAOC (GLOREI) along with its strategic partners held its first Constituent General Meeting to commemorate the formation a Special Purpose Vehicle (SPV) by the name of Al Muttawar Omani Company SAOC recently. This meeting, held in the presence of the shareholders and main founders of the company, concluded with the approval of the founder’s report, Memorandum and Articles of Association, permanent head office of the company, election of the first Board of Directors and appointment of the company’s auditors for the first financial year.

After the meeting, Eng. Mohammed Abu baker Al Ghassani, member of the Board of Directors, and CEO of GLOREI, one of the main founders of Al Muttawar Omani Company SAOC, stated that the idea of establishing this company came in the context with achieving the strategic vision of GLOREI in the real estate development and investment in the Sultanate. With the emergence of positive signs for the recovery of the global economy from the recession period and an optimistic reflection of this global recovery on the economic movement in the Sultanate along with the continued revival of oil prices, the government has increased the implementation of infrastructure projects throughout the Sultanate. In addition, prices of land and construction materials becoming competitive will support this real estate development movement.

Existence of all these positive factors along with the availability of new investment opportunities in certain segments of the real estate sector have brought the founders together in establishing a closed joint stock company. This will help to take advantage of investment opportunities available in the market through the development and implementation of residential, commercial and tourism projects.

Eng. Al Ghassani added that the first project of this company is to develop and own an integrated real estate project including residential , commercial and hotel units in Wilayat Baushar which will provide the residents with services and facilities that fit with the requirements of modern life style and commensurate with the targeted segments in the community. 

GLOREI has been appointed as the Development Manager for this project.  The development with a total build up area around 70,000 square meters will cost approximately RO. 35 Million and is expected to be complete within 36 months.