An Omani company has reportedly lost a lawsuit filed against a Bahraini firm, which it accused of illegally acquiring a majority stake in the multi-million dollar Blue City project in Oman.

Bahraini investor Ahmed Abubaker Janahi on Sunday said an Omani court had dismissed a case brought against AAJ Holdings Company, which holds a majority 70 per cent stake, by Cyclone which holds 30 per cent of the shares.

He also said the court had ordered Cyclone to pay all costs. Cyclone had accused the Bahraini company of illegally acquiring a majority stake in the Blue City project.-TradeArabia News Service