Oman’s Renaissance, a leading business group, has raised the RO45.3 million ($117 million) of debt required for the financial close of its RO75.5 million ($182.6 million) Duqm accommodation project.

The Duqm project has generated strong interest in the financial community, so the long-term debt was significantly oversubscribed, a statement said.

Renaissance kept to its inclusive banking policy and arranged for a group of financial backers to provide the facility together: Ahli Bank, Al Omaniya Financial Services, Bank Dhofar, Bank Muscat, Bank Sohar, HSBC Oman, National Bank of Oman and Oman Arab Bank - with whom Renaissance shares a strong and long standing relationship. Bank Muscat - Investment Banking acted as the financial advisor to Renaissance for financing the project.

Vishal Goenka, Group CFO of Renaissance, said: “We are excited about the Duqm accommodation project, where scale and design are coming together to create a unique offering at extremely competitive terms. The success of this financing exercise shows, once again, the strong relationships Renaissance enjoys with investors and lenders, and we are grateful for the support shown by our valued partners.”

The project will create the largest permanent accommodation facility in Oman, with fully serviced housing, recreation and catering facilities for over 16,000 people. The accommodation facility is an integral part of the government’s plan to develop the Duqm Special Economic Zone into a world class investment and logistics hub.

Goenka added, “This is a landmark project of unparalleled size and scale in-country, which further strengthens Renaissance’s leadership position as the largest provider of blue collar accommodation in Oman.”
 
The project is scheduled open mid-2016. – TradeArabia News Service