Renaissance secures funding for Oman workers' village expansion

Oman-based Renaissance Services has secured funding worth RO31.7 million ($82 million) for the expansion of its workers' village at Duqm region of the sultanate, reported Times of Oman.

The Phase One of the Renaissance Village Duqm (RSVD) had been completed out of funding from equity, shareholder’s bridge funding and internal surplus; and its total capacity now stands at over 23,000 beds, said the report.

The new funding comes following the successful closing of debt financing deals with six leading Omani financial institutions - Bank Muscat, National Bank of Oman, Bank Dhofar, Ahli Bank, Oman Arab Bank and Al Omaniya Financial Services.

The key highlights of the agreement include long-term tenure, supportive step-up repayment schedule akin to a bond structure and competitive terms mutually beneficial to the company and financiers, stated the report.

Renaissance Services said the major shareholders of RSVD, comprising Royal Court Affairs, Ministry of Defence Pension Fund, Bank Muscat and Al Khonji Holding Group, had funded 40 per cent of the expansion work at the workers' village, mainly designed to accommodate the labour-force of all contracting firms in the Duqm Special Economic Zone in Oman.

Bank Muscat's investment banking team was the financial advisor for RSVD on the debt financing project, while its legal advisors were Al Busaidy Mansoor Jamal and Addleshaw Goddard.

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