20/03/2011 00:00 AST

Global Omani Development & Investment Company (Glorei), along with its strategic partners, conducted its first constituent general meeting to commemorate the formation of a Special Purpose Vehicle (SPV) by the name of Tawafuq Omani Enterprises.

This meeting, held in the presence of the shareholders and main founders of the company, concluded with the approval of the founder’s report, memorandum and articles of association, finalisation of permanent head office of the company, election to the first board of directors and appointment of the company’s auditors for the first financial year 2011.

After the meeting, Eng. Mohammed Abu Baker Al Ghassani, member of the board of directors, and chief executive of Glorei, one of the main founders of Tawafuq, stated that the idea of establishing this company was born with the institutional need for effective participation in the economic development of Oman with the availability of good investment opportunities in some segments of the real estate sector.

This was enhanced with the desire and interests of major institutions in establishing a closed joint stock company to contribute to this economic growth by taking advantage of investment opportunities available in the market through the development and execution of distinguished projects.

Eng. Al Ghassani added that the first venture of this company would be to own and develop a real estate project in Al Seeb, which will provide residents with services and facilities that fit with the requirements of modern life and commensurate with the target segments of society.


Times of Oman

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