Oman Tourism Development Company (OMRAN), the Sultanate's executive arm for tourism development and the largest developer and owner of hotels in Oman, has appointed Ubhar Capital SAOC ('U Capital') as its adviser to study the privatisation of some of its major hotels.

OMRAN CEO Peter Walichnowski said: "It's part of OMRAN's strategy to support the Government's privatisation agenda and we will study the opportunity to offer shares in a new hotel investment company managed by OMRAN to allow local and foreign investors to participate in the growth of the Oman tourism sector.

"Funds which are released by selling shares in the hotel company can be re-invested in new projects in the tourism sector" he said.

U Capital will advise on structuring, marketing and identifying investors, both local and international.

Lo'ai B. Bataineh, CEO of U Capital said: "The tourism industry in Oman is one of the best growth sectors in the GCC region and we expect to see a lot of interest in OMRAN's diversified portfolio of hotel assets"