BRDB (Oman) Limited, a wholly-owned subsidiary of Bandar Raya Development Berhad has entered into an agreement to purchase a 30 per cent stake in Amouage Hotels & Resorts LLC, Oman from its shareholders Mamas Loizou Ioanou Christodoulides and Mohammed Saleh Bin Eid Al Khaldi for RM423,000 cash.

The purpose of the undertaking is for the development of an integrated real estate tourism project on 400,000 sqm of land in Oman. The project will comprise of residential and commercial units, hotel and other facilities.

According to the Bursa Malaysia filing dated 27 July 2009, it said, “The BRDB Group is continuously on the lookout for new property development projects locally or overseas to enhance its earning base. The Proposed JV represents an opportunity for the Group to expand to and take advantage of the fast growing economies of Oman and the Gulf Corporation Council countries.”

“Oman is situated in the Middle East, bordering by the Arabian Sea, Gulf of Oman and Persian Gulf, between Yemen and United Arab Emirates. The Omani economy is promising due to its strategic location linking to the Gulf Corporation Council countries and the current policies of Oman opening up its economy and encouraging more foreign direct investments into Oman with various investment incentives in various economic sectors.”

“The Group’s participation in this Project in Muscat, Oman does not involve payment for land cost and thus allows the Group to minimise its cost of investment and investment risks in the Project/Proposed

JV.”