02 November 2011
MUSCAT -- The Wave, Muscat soon to have three hotels in the categories of five-star and four-star, work on which is likely to start in the first quarter of 2012. The first hotel project is likely to be completed by the end of 2014 and rest two in the following years.
Michael Lenarduzzi, CEO of The Wave, Muscat stated this on the occasion of the signing agreement of a credit facility agreement worth RO 140 million between The Wave, Muscat and four leading financial institutions in the Sultanate.
Lenarduzzi expressed satisfaction over the ongoing projects and said besides many other facilities, a Golf Course would start operation in coming months. "It is Oman's first 18 hole green links golf course, designed by Greg Norman and it is almost ready," he said.
The credit agreement with BankMuscat, Bank Sohar, Bank Dhofar and Oman International Bank is designed to support the project's insurmountable potential to become a premier destination in the heart of Muscat.
Commenting on the new credit agreement Lenarduzzi said: "The capital injected will leverage The Wave, Muscat's financial flexibility to capitalise on quality living and lifestyle offerings given Oman's rich heritage and culture.
Our longstanding relationship with these national banks and solid government backing bolsters The Wave, Muscat's market stability and investor confidence not only as a residential property but as a fully integrated, master planned community. This partnership is a united stance to promote Oman as a niche tourist destination."
Since breaking ground in 2004, we have shouldered a great responsibility to set new industry benchmarks as the first ITC in the Sultanate, and establish a prototype for urban development. The credit facility of RO 140 million would augment our portfolio of product and services that cater to local and international homebuyers' needs, he said.
"Since the inception, we have built longstanding relationships with the banks and this along with the solid backing of the government has enabled us to secure our position in the market, as the leading integrated tourism and master planned community in the Sultanate of Oman.
This partnership further demonstrates a united stance to promote Oman as a unique niche tourist destination and one which is integral towards achieving the goals of economic diversification as highlighted in Vision 2020. In this regard The Wave, Muscat stands firm in being the most trusted partner of choice in the provision of quality living," Lenarduzzi said.
Speaking on behalf of the banks, which are part of the agreement, AbdulRazak Ali Issa, Chief Executive, BankMuscat said: "It gives me great pleasure to be part of credit facilitator for The Wave, Muscat, which is a pioneering integrated tourism project spread over on 2.5 square metres of land with dual advantages of prominently situated near the airport and directly on the beachfront. The project is located at the centre of Muscat's natural development in Oman."
Last week, The Wave, Muscat unveiled its latest residential development, Almeria East which complements its already growing retail precinct and 400-berth marina.
MUSCAT -- The Wave, Muscat soon to have three hotels in the categories of five-star and four-star, work on which is likely to start in the first quarter of 2012. The first hotel project is likely to be completed by the end of 2014 and rest two in the following years.
Michael Lenarduzzi, CEO of The Wave, Muscat stated this on the occasion of the signing agreement of a credit facility agreement worth RO 140 million between The Wave, Muscat and four leading financial institutions in the Sultanate.
Lenarduzzi expressed satisfaction over the ongoing projects and said besides many other facilities, a Golf Course would start operation in coming months. "It is Oman's first 18 hole green links golf course, designed by Greg Norman and it is almost ready," he said.
The credit agreement with BankMuscat, Bank Sohar, Bank Dhofar and Oman International Bank is designed to support the project's insurmountable potential to become a premier destination in the heart of Muscat.
Commenting on the new credit agreement Lenarduzzi said: "The capital injected will leverage The Wave, Muscat's financial flexibility to capitalise on quality living and lifestyle offerings given Oman's rich heritage and culture.
Our longstanding relationship with these national banks and solid government backing bolsters The Wave, Muscat's market stability and investor confidence not only as a residential property but as a fully integrated, master planned community. This partnership is a united stance to promote Oman as a niche tourist destination."
Since breaking ground in 2004, we have shouldered a great responsibility to set new industry benchmarks as the first ITC in the Sultanate, and establish a prototype for urban development. The credit facility of RO 140 million would augment our portfolio of product and services that cater to local and international homebuyers' needs, he said.
"Since the inception, we have built longstanding relationships with the banks and this along with the solid backing of the government has enabled us to secure our position in the market, as the leading integrated tourism and master planned community in the Sultanate of Oman.
This partnership further demonstrates a united stance to promote Oman as a unique niche tourist destination and one which is integral towards achieving the goals of economic diversification as highlighted in Vision 2020. In this regard The Wave, Muscat stands firm in being the most trusted partner of choice in the provision of quality living," Lenarduzzi said.
Speaking on behalf of the banks, which are part of the agreement, AbdulRazak Ali Issa, Chief Executive, BankMuscat said: "It gives me great pleasure to be part of credit facilitator for The Wave, Muscat, which is a pioneering integrated tourism project spread over on 2.5 square metres of land with dual advantages of prominently situated near the airport and directly on the beachfront. The project is located at the centre of Muscat's natural development in Oman."
Last week, The Wave, Muscat unveiled its latest residential development, Almeria East which complements its already growing retail precinct and 400-berth marina.
© Oman Daily Observer 2011
