Renaissance Services, a publicly traded firm listed on the Muscat Securities Market (MSM), plans to ramp up the capacity of its Employee Accommodation Facility, named Renaissance Village Duqm, located in the Special Economic Zone (SEZ) in Duqm, with an investment of around RO 50 million.
The Muscat-based company announced in a filing to the Capital Market Authority (CMA) that a decision to this effect has been adopted by the Board of Renaissance Duqm Holding SACO, a subsidiary of Renaissance Services. The decision calls for boosting the capacity of the integrated facility from the current 18,655 to 24,895 beds.
Inaugurated in November 2017 with 16,960 beds, Renaissance Village Duqms capacity was increased to 18,655 beds to cater to the growing demand for premium employee accommodation within the SEZ. Investments in the integrated city total around RO 80 million to date.
The forthcoming phase of the planned expansion will see the capacity increase by up to 6,240 beds, with additional central facilities. Four further expansion phases, adding 12,780 beds, shall follow as envisaged sustainable demand increases. The total expansion of all phases is estimated to cost RO 50 million, said the company in its filing.
The proposed increase in the capacity of Renaissance Village Duqm is warranted by the increasing activity levels at Duqm. The Village has come to symbolise Omans collaborative efforts to assure the living conditions of its labour force, which are in line with the standards set by SEZAD and the Ministry of Manpower aligned with ILO (International Labour Organization), it added, noting that Renaissance Services SAOG holds the majority shares in the firm, along with key strategic investors.
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