Jul 31 2007 |
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Five firms submit offers for Golden Tulip Seeb
MUSCAT -- Five firms, many of them well-established players in the local and regional hospitality sector, have submitted firm offers for the soon-to-be-privatised Golden Tulip Hotel at Airport Heights, Seeb. Oman Hotels & Tourism Co , Qatar National Hotels Co , World Inn LLC, Ahmed Farid Mohammed al Aulaqi, and Al Murjan Finance Services were the only contenders for the government-owned property when bids were opened yesterday.Of the five bidders, the highest offer came from Ahmed Farid Mohammed al Aulaqi (RO 16.5 million), followed by Oman Hotels & Tourism Co (RO 16 million) and World Inn LLC (RO 15.1 million). The four-star Golden Tulip Seeb is one of several commercial entities identified by the Ministry of National Economy for privatisation through a progressive disinvestment of the government's stake in these entities.
Candidate companies cleared for privatisation are Oman Flour Mills (55 per cent government stake), Oman Fisheries (24 per cent), and Oman National Transport Company (fully state-owned), besides Golden Tulip Seeb . By selling its stake in these entities, the government aims to offload its non-strategic assets and place them entirely in private hands, thereby ensuring they are better managed, say analysts.
Interest in the Golden Tulip 's privatisation has been strong from the outset, judging by the fact that a total of 22 parties collected bid documents when the tender opened. The property, analysts point out, represents an attractive investment proposition for potential investors not only in terms of its physical assets, but also from several other standpoints as well.
The hotel itself is set on an expansive plot of land, with its own staff quarters and also enjoys the distinction of being the only hotel with its own football field. Opportunities for redevelopment and investments in new facilities abound, given the size and location of the property. BankMuscat is providing financial advisory services to the Ministry of National Economy on the privatisation of Golden Tulip Seeb .
© Oman Daily Observer 2007
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