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Meethaq signs $28m finance deal for hotel project in Muscat

Meethaq has signed an agreement with Al Khuwair Hospitality and Investment Company for a three-star hotel project that will be operated by Hilton Garden Inn

Meethaq has signed two finance agreements with ASAAS [image: ONA].
Meethaq has signed two finance agreements with ASAAS [image: ONA].

Oman’s largest Islamic banking entity, Meethaq, has signed two finance agreements, worth $41.6m (OMR16m), with two subsidiary companies of Muscat National Development and Investment Company (ASAAS).

The agreements are for a three-star hotel in Muscat and a crew reporting terminal at the airport, Oman News Agency (ONA) reported.

The first agreement was signed with Al Khuwair Hospitality and Investment Company for a term finance facility valued at $27.6m (OMR10.6m). The finance deal will be used to part fund a three-star hotel project that will be operated by Hilton Garden Inn.

READ: ASAAS unveils construction management arm

The second agreement was signed with Hasaad Real Estate Company to extend a $14.5m (OMR5.6m) term financing for the development of a crew reporting terminal, which will be leased to Oman Air.

Eng Khalid bin Hilal al-Yahmadi, chief executive officer of ASAAS, said: “ASAAS is proud to join hands with Meethaq for the term finance agreements, which mark the first bank financing for ASAAS projects.

“ASAAS believes in the importance of co-operation and partnership between the public and private sectors to enhance the government’s efforts to achieve the desired economic diversification, and we are committed to achieving this objective.

“The establishment of various projects by ASAAS is aimed at enhancing social and economic development in the Sultanate”.

Meanwhile, Sulaiman al-Harthy, deputy chief executive officer of Meethaq Islamic Banking, added: “As the pioneer of Islamic banking in Oman, Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting strategic development initiatives in line with Oman's Vision 2040 economic blueprint.

“Within four years of operations, Meethaq has crossed a milestone of over $2.6bn (OMR1bn) in assets, and consolidated its leadership position, recording many achievements contributing to the growth and development of the Sultanate’s economy.”

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Construction Week - Issue 729
Feb 14, 2019