Muscat: Renaissance Village Duqm, the premium employee accommodation facility in the Special Economic Zone at Duqm (SEZAD), is set to enter the next phase of expansion following a unanimous decision by the Board of Renaissance Duqm Holding to increase the capacity from the current 18,500 beds up to 24,400.
The integrated project was formally inaugurated in November 2017 with a capacity of 16,960 beds. This was subsequently increased to 18,500 beds to cater to the growing needs of the Economic Zone (total investment of the project is OMR79 million to date). The forthcoming phase of the planned expansion will see the capacity increase by up to 5,880 beds, with additional central facilities. Four further expansion phases, adding 14,000 beds, shall follow as envisaged sustainable demand increases. The total expansion of all phases is estimated to cost OMR50 million.
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 Oman’s collaborative efforts to assure the living conditions of its labour force, which are in line with the standards set by SEZAD and Ministry of Manpower aligned with ILO (International Labour Organization).
Renaissance Services holds the majority shares in the firm, along with key strategic investors, The Royal Court Affairs, Ministry of Defence Pension Fund
, Bank Muscat and Al Khonji Investment.
Highlighting the growing presence of Duqm in the economic horizon of the country, His Highness Sayyid Tarik Shabib Taimur Al Said, chairman of Renaissance Duqm Holding said, “We are rallying behind the government on the SEZAD strategy and partnering with shareholders to make Duqm an iconic city, not only in Oman but also in the region. Renaissance Village Duqm is an excellent example of how Domestic Direct Investment can act as an enabler for Duqm to attract further investments in the zone. It is a showcase for Public Private Partnership (PPP) in Oman, where the private sector invests for the public good. The current expansion programme is an example of our belief in Duqm and its future.”
Expressing SEZAD’s commitment and support to Renaissance Village Duqm, Yahya Bin Said Al Jabri, Chairman of the Board of Directors of the Special Economic Zone at Duqm, said, “This project demonstrates Renaissance Duqm Holding Company’s foresight in capitalising on the economic prospects of the Duqm SEZ as well as the evident commitment of the Government of Oman to realise Duqm’s future vision. Renaissance Village Duqm has actively contributed to the value proposition of the SEZ; it has set the bar high in respect to the quality of staff accommodation by maximising local value addition and observing high standards of health safety and environment, all at a highly competitive cost.”
As an integrated international facilities management and services solution company, Renaissance Services has ensured 100% In-Country Value (ICV) delivery for our clients through Domestic Direct Investment, maximising the use of local goods and services, including the provision of permanent jobs for Omanis. The Renaissance Villages throughout Oman deliver high living standards, with a healthier lifestyle and lower rates of staff attrition. Besides, its eco-friendly and robust design ensures security in extreme weather conditions.
© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).