Omran inks $98.7m financing deal with QNB Oman
Oman Tourism Development Company has entered into a financing deal with QNB Oman for the development of a JW Marriott hotel within the Oman Convention and Exhibition Centre precinct
Oman Tourism Development Company (Omran) has announced partnering with QNB Oman for the financing of a JW Marriott Hotel project.
Situated within the Oman Convention and Exhibition Centre (OCEC) precinct, the hotel is part of Phase 1 of Omran’s Madinat Al Irfan Urban Development.
According to Oman News Agency (ONA), the financing agreement – valued at $98.7m (OMR38m) – was formalised in a signing ceremony held on 18 April at OCEC.
Saif al-Hinai, acting CEO of Omran, commented: “The agreement was part of the financial model pursued by Omran, whereby private institutions work hand-in-hand with the government on commercial projects.
“It represents a milestone for our partnership with QNB and the sultanate’s banking sector as a whole.”
He added: “New development funding arrangements such as these reflect the growing number of opportunities for private sector equity involvement and the rise of mutual partnerships. In fact, we are currently finalising a new investment strategy at Omran that capitalises on these emerging opportunities for tourism development.”
Saad Musa al-Jenaibi, general manager of QNB Oman, meanwhile, said: “The bank is proud to be associated with Omran for this prestigious development. Projects of national importance such as these are key towards the development of the hospitality, for they foster economic growth and generate local employment.
“We endeavour to support the sultanate’s objective of promoting the growth of the hospitality sector and the diversification of the nation’s economy. This valuable partnership is a clear representation of that support.”
Scheduled to open at the end of 2017, the 304-key hotel comprises food and beverage outlets, meeting facilities, and a health and leisure club, and is being built according to standards of environmental sustainability.
The hotel is also designed to meet the criteria for LEED certification by the US Green Building Council.
Once completed, the OCEC, which stands as the centrepiece of Oman’s business development programme, will include four hotels, a business park, and a retail shopping mall, in addition to the convention centre precinct, ONA reported.