Oman tourism development secures financing

14 September 2015

2.2 million-square-metre project to be completed in 2017

  • 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 Dubai’s 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 UAE’s 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.

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