Tuesday 22 / April / 2025
Muscat: People in Oman, as well as those who live overseas, who are looking to invest in a new holiday home, will soon be able to invest in the new Radisson Hotel Apartments, which are going to be built in Ghala Heights, opposite Madinat Al Irfan, in Muscat.
Set to be built at OMR12 million, the project contains nine floors comprising 284 modern hotel apartments, equipped with the latest hotel supplies and designed with great care. The project also includes a floor devoted entirely to shops, restaurants, cafes and two floors for car parks in addition to the presence of a swimming pool with a thermal control system, a wedding hall, two conference rooms and a health club.
During the conference, Al Fayha Development Company signed an agreement with the Radisson International Group to manage the project for 25 years. Al Fayha Development Company also signed a memorandum of understanding with Sohar International. Sheikh Saud bin Hamed bin Issa Al Tae, Chairman of the Al Fayha Development Company, signed the agreements on behalf of the company with the Radisson International Group represented by Panis Paganos and Sohar International by Khalil Salim Al Hedaifi, Chief Retail Banking Officer.
Sheikh Saud Al Tae, Chairman of the Board of Directors of Al Fayha Development Company, said, “We in Al Fayha Company are happy to launch this project that contributes to the real estate sector in the Sultanate. It is one of the most important projects in Ghala, which is famous for having a number of institutions and sector leaders. The company is currently working on several other tourism projects in Al Quriyat and Al Mouj.”
Khalil Salim Al Hedaifi, Chief Retail Banking Officer at Sohar International, said, “Sohar International is the first bank to provide housing financing services to those willing to own hotel apartments in the Radisson Hotel Apartments project in the Sultanate. This is part of our constant endeavour to provide financing services meeting the social and economic aspirations of citizens in the Sultanate.
He emphasised providing appropriate and flexible banking solutions, through the distinguished house programme for housing solutions provided by Sohar International.
Panis Panagos of the Radisson International Group also expressed his happiness to be present today to sign an agreement to manage and operate the Radisson Hotel Apartments project in Muscat with Al Fayha Development Company. “We wish them all the best,” he said. “Radisson is present in more than 420 locations in 73 countries around the world. It is a new addition to our hotel portfolio, one of the great distinctive destinations for hosting guests from all over the world, especially business travellers.
Tariq bin Mohammed Al-Farsi, the Executive Vice President of Al Fayha Development Company, stated, “The agreement with Radisson is valid for 25 years, renewable for a similar period. The company is currently working on preparing for a hotel tourism development project in Al Mouj and another tourist project in Al Quriyat with international partners to stimulate the tourism movement of the Sultanate and contribute to finding new projects of a unique nature.”
The property features one-bedroom hotel apartments that are available to buy outright at a cost of OMR49,000, with financing plans available, as well as to rent for shorter periods. The project is expected to be completed in the fourth quarter of 2022.
