Renaissance raises finance through local banks
- Omans Renaissance Services reaches a financial close for Duqm workers accommodation
- It secured RO45.3 ($117.8m) in financing from eight local banks
- The remaining financing for the RO75.5m project is from an equity partnership
Omans Renaissance Services has reached a financial close on its Duqm permanent workers accommodation project.
It secured RO45.3m ($117.8m) of financing toward the RO75.5m project.
Bank Muscats investment banking division was the financial adviser.
The 200,000 square-metre project will provide fully serviced housing, recreation and catering facilities for over 16,000 people in Duqm.
Renaissance awarded construction contracts on the projects to local Services and Trade Company and Al-Hajiry Trading in September 2014.
It is scheduled for completion in mid-2016.
The remaining 40 per cent of the RO75.5m investment is funded through an equity partnership finalised in January 2015.
The partners are the Omani Royal Court Affairs, the Ministry of Defence Pension Fund, Bank Muscat, Al-Khonji Development and Renaissance Services. Renaissance will hold 51.9 per cent of the shares.
Renaissance is Omans largest provider of worker accommodation.
The development of Duqm Special Economic Zone aims to turn the central eastern port town of Duqm into a major trade and transport hub. It includes establishing the countrys fourth-largest sea port, a major refinery and petrochemicals complex, an airport expansion and an industrial area, as well as residential zones.
Read more on Duqm Frontier Town development