State Bond-Buyout Leaves Bleak Outlook For Blue City

Blue City - Oman's troubled flagship project, launched amid the region's construction boom in 2006 - has hit a new low following the announced sale of its distressed debt to state-owned Oman Investment Fund for an undisclosed amount. CFW notes that while its construction industry was relatively insulated from the worst of the global economic downturn, Oman has not been immune to the continued fallout resulting from Dubai's commercial and residential construction slump.

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