11 November 2019
Oman Tourism Development Company (OMRAN), the Sultanate's executive arm for tourism development signed a term financing agreement with Oman Arab Bank (OAB) to finance the operations of W Muscat Hotel in the Sultanate's capital, according to an OAB press statement.

The statement, issued on Monday, said OAB will finance OMRAN with long-term debt for W Muscat, which has already commenced operations.

OMRAN is the largest hotel investment company in the Sultanate with a portfolio of 24 hotels and resorts.

The statement said the agreement was signed by OMRAN's CEO Peter Walichnowski and OAB's CEO Rashad Al Musafir at the W Muscat.

It quoted Walichnowski as saying that the long-term debt would be serviced from hotel operations. "The involvement of the private sector allows Government funds to be released and used to create new tourism projects that support the 2040 National Tourism Strategy," he said.

OAB's Rashad Al Musafir said the bank is "delighted to be collaborating with OMRAN, a company that has a proven track record of delivering and managing sustainable tourism assets such as the W Muscat."

(Writing by Madhura Deulgaonkar; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Our Standards: The Thomson Reuters Trust Principles

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal

© Thomson Reuters Projects News 2019