- Saraya Bandar Jissah secures $275m loan
- Local lenders BankMuscat and Bank Dhofar provided the development financing
Saraya Bandar Jissah, which is developing a $600m tourist resort in northeastern Oman, has secured a $275m loan.
Local lenders BankMuscat and Bank Dhofar provided the development financing.
Saraya Bandar Jissah is owned by Dubai-based Saraya Holdings.
The first phase of the 2.2 million-square-metre integrated tourism complex, being undertaken in joint venture with state-owned Oman Tourism Development Company (Omran), is due for completion in 2017.
It involves two five-star hotels to be operated by Dubais Jumeirah Group, as well as 398 residential units, split into three zones.
The UAE/Australian Habtoor Leighton Group is building both hotels. It won a RO37m ($96m) contract to build the 112-room hotel in April this year. It was already working on an earlier contract to build the 206-room hotel.
The local WJ Towell is constructing the three residential zones. The local subsidiary of the UAEs Drake & Scull International has been awarded the mechanical, electrical and plumbing (MEP) contract for the hotels. The Local/UK Carillion Alawi carried out infrastructure works.