Bank of New York to provide multiple services in Oman

DUBAI — The Bank of New York, a global leader in securities servicing, has been selected by Blue City Investments 1 Limited to provide multiple corporate trust services for its landmark tourism development project on the northern coast of Oman.

By A Staff Reporter

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Mon 12 Feb 2007, 9:21 AM

Last updated: Sat 4 Apr 2015, 9:54 PM

The bank will act as trustee, registrar, agent in various on-shore and offshore capacities, cash manager, account bank, lookback calculation agent and Irish paying agent.

The issue, which is the largest undertaking of its kind, representing $925 million in securitised notes, will fund the first phase of the construction of Blue City, a residential and tourism development project.

Upon completion, it is expected that Blue City will be home to more than 250,000 permanent and visiting residents and will become a tourism and business destination of national, regional, and international relevance, as well as a significant source of job creation in Oman.

It is scheduled to be completed in 10 phases with a total expected investment of $15-20 billion; phase 1 construction began last month. The project is a joint effort of Omani and Bahraini private sector investors and developers, acting through Al Sawadi Investment & Tourism Company in cooperation with the Omani government.

More news from