Omran signs OMR38m deal with QNB Oman for JW Marriott Hotel

Business Tuesday 18/April/2017 12:19 PM
By: Times News Service
Omran signs OMR38m deal with QNB Oman for JW Marriott Hotel

Muscat: Oman Tourism Development Company (Omran) has signed a OMR38 million finance deal with QNB Oman for building JW Marriott Hotel within the Oman Convention and Exhibition Centre (OCEC).
The financing agreement, which is part of phase one of the emerging Madinat Al Irfan Urban Development by Omran, was formalised on Tuesday in a signing ceremony held at the OCEC, according to a press release.
The five-star JW Marriott is part of the up and coming Madinat Al Irfan development, which is set to become the new urban hub in Muscat. The hotel opening, slated for the end of 2017, is a proof point of Omran’s commitment to further develop the Sultanate’s burgeoning tourism sector.
Operated under the JW Marriott brand, the hotel includes state-of-the-art food and beverage outlets, meeting facilities and a health and leisure club.
Once completed, it will add an additional 304 rooms to hotel offerings in the Sultanate.
The agreement was signed by Saif Al Hinai, Omran’s acting chief executive officer and Saad Musa Al Jenaibi, general manager of QNB Oman, in an event attended by senior officials from Omran and QNB.
“The agreement was part of the financial model pursued by Omran, whereby private institutions work hand-in-hand with the government on commercial projects. This development, once completed, will stand as the most prestigious and exclusive of the quartet of hotels planned for the OCEC precinct,” said Al Hinai.
“The hotel will offer unprecedented levels of luxury, class and service, while adding significant guest capacity to the hospitality offerings in OCEC, as well as Muscat as a whole,” he added.
Since opening in October 2016, OCEC has successfully hosted 55 regional and international events, building a solid global reputation in the meetings, incentives, conferencing, exhibition (MICE) sector.
As with all projects under construction by Omran and within OCEC, the hotel is being built according to the highest standards of environmental sustainability and is designed to meet the criteria for the prestigious Leadership in Energy and Environmental Design (LEED) certification by the US Green Building Council.
“The bank is proud to be associated with Omran for this prestigious development. Projects of national importance, such as these, are key for the development of the hospitality sector and, in turn, foster economic growth and generate local employment. We endeavour to support the Sultanate’s objective of promoting growth in the hospitality sector and the diversification of the nation’s economy. This valuable partnership is a clear representation of that support,” added QNB Oman’s Al Jenaibi.
“This agreement represents a milestone for our partnership with QNB, as well as the banking sector in the Sultanate as a whole. We are pleased to join hands with QNB for this development, which is major component of the landmark OCEC project,” notedOmran’s Al Hinai, while highlighting the high levels of mutual cooperation with the private sector.
Once complete, the OCEC, part of phase one of Madinat Al Irfan Urban Development, will include four hotels, a business park, and a retail shopping mall in addition to the Convention Centre Precinct.
The OCEC precinct plays a key role in the government’s strategy to diversify the national economy and stands as the centrepiece of Oman’s business development programme. The business and urban precinct will position the Sultanate as a major venue for regional and international events and in doing so, will increase Oman’s business tourism offerings and strengthen the sector at large.
OCEC was conceptualised right from the beginning to be a fully integrated convention precinct; one that will play a central role in the government’s drive towards the growth of the tourism sector. The precinct as a whole is expected to attract over 600,000 visitors a year.
The JW Marriott, together with the Crowne Plaza and the two additional planned hotels, will go a long way in facilitating the needs of such a significant number of visitors to the capital region.