| 03 Nov 2008 |
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Bank Sohar to finance new Radisson project
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MUSCAT -- Bank SoharBank Sohar
has entered into a long-term agreement with Al Nabri Global Investment LLC to finance the development of a new beachfront hotel and resort in the Zafaraan area of Sohar. The agreements for project finance and for the design and management of the new hotel were signed at a ceremony organised here under the auspices of Dr Rajha bint Abdulameer bin Ali, Minister of Tourism. Under this agreement, Bank SoharBank Sohar will provide project finance to Al Nabri, the project developer. When complete, the luxury property will be managed and operated as Radisson SAS Hotel & Resort Sohar by Rezidor Hotel Group.Abdullah Ali al Nabri, owner-promoter of the new Sohar hotel project, said that the feasibility studies have been completed and construction will begin as soon as the final approvals have been obtained. The property, which will consist of 197 rooms, 15 suites, three restaurants, leisure and health facilities and business and conference amenities, will take around two years to build. A tentative date for the soft opening will be in the third quarter of 2011. "Our endeavour will create hundreds of job opportunities in the neighbourhood for trained and qualified Omanis," Ali al Nabri pointed out.
Nani B Javeri, CEO, Bank SoharBank Sohar
, said that the project further strengthens the potential for tourism in the country and also meets the growing corporate requirements for hotel accommodation and services in and around Sohar. "Bank SoharBank Sohar has on many occasions confirmed its intent to provide support to corporate ventures that contribute to essential amenities and simultaneously add to the stature of the country." He added that the bank has started a corporate desk at its branches in Salalah and Sohar to make certain that corporate customers in these two fast growing regions of the country get prompt and top quality banking convenience. Dignitaries from the government, the private sector and senior managers from Bank SoharBank Sohar were also present on the occasion.By Staff Reporter
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