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Tui Oman hotel development joint venture suspended
A deal designed to establish new hotels in Oman for Tui Group via a joint venture has been suspended.
The decision also means that the Oman Tourism Development Company (Omran) will no longer be acquiring a 1.4% stake in the pan-European travel group.
State-run Omran oversees a range of tourism projects in the Gulf state and signed an agreement to establish a local hospitality joint venture with Tui in September last year.
The aim was to develop five hotels and resorts in the Dhofar region of Oman, with openings planned for 2028.
The strategic alliance was hailed at the time of the signing (pictured) as strengthening Oman’s position and a year-round global tourism destination.
However, Tui Group revealed that it had been informed by Omran Group that an agreed project timeline of March 31 “is no longer achievable”.
“Consequently, the project implementation will be suspended,” Tui said.
“This includes both the planned ownership and development of five new hotels in the Dhofar governorate, as well as Omran’s planned acquisition of a 1.4% shareholding in Tui.
“Tui and Omran Group will continue its close dialogue.”
No further explanation was given.
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