Oman Drydock acquires Daewoo’s stake in DDC

April 16, 2014 1:09 am

Oman Drydock Co (ODC) has acquired Daewoo Shipbuilding and Marine Engineering’s (DSME) stake in Duqm Development Co (DDC), Times of Oman has reported. The deal will make DDC a 100% Omani firm, thus retaining the profits in the sultanate, said ODC chairman, Dr Abdul Malik bin Abdullah Al Hinai. DDC is a 50-50 joint venture between DSME and Oman Tourism Development Co (Omran), the tourism investment arm of Oman government. Founded in April 2010, DDC initiated the development of the first stage of Duqm Frontal City in December 2010 and completed it in August 2013.