Oman Tourism Development Company signs financing agreement for the W Muscat

Published: 27 November 2019 - 5 a.m.
By: Priyanka Praveen
Oman Tourism Development Company (OMRAN), the Sultanate’s executive arm for tourism development has signed a term financing agreement with the Oman Arab Bank (OAB).

Under the agreement, OAB will finance OMRAN with a long-term debt for the W Muscat.

Commenting on the new agreement, OMRAN’s CEO Peter Walichnowski said: “Now that the W Hotel has completed construction and officially opened, we can put in place long term debt that will be financed 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.”

This agreement is in line with the objective of supporting the Government’s economic diversification efforts and increased focus on developing the country’s tourism sector, while establishing strong synergies and partnerships to aid the Sultanate’s economic agenda.

OAB’s CEO Rashad Al Musafir said: “OAB recognises Oman’s potential for growth, especially with regards to tourism, and the need to further diversify the country’s economy. Subsequently, we are committed to supporting the various arms of the government in facilitating their various developments, in turn assisting them in any way possible towards achieving Oman’s 2040 National Tourism Strategy goals. This is why we are 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.”

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