A number of local and international banks have showed a great interest in investing in Oman's tourism sector which has lately provided new investment opportunity in the sultanate, reported Oman Observer.
An informed source was quoted by the paper as saying that, Zubair Enterprises, one of the leading business houses of Oman, is planning to approach banks to raise an estimated $200 million to finance the multi-million dollar Shangri-La's Barr Al Jissah Resort project.
"Investment group Zubair Enterprises is to approach banks to raise an estimated $200 million for a 500,000 square meter tourist development in Muscat," the sources added.
While local banks, especially Bank Muscat, have shown keen interest in financing the project or participating in the fund raising program, the group is working out full details of the financing pattern and fund raising modalities for the project.
Barr Al Jissah Resort, east of Muscat along the Sultan Qaboos highway, is located on a spectacular site at the legendry Barr Al Jissah, asid the Observer.
A fully integrated facility with 700 rooms and suites in a deluxe hotel, a five-star hotel and a four-star hotel, the project envisages a separate private establishment for the elite from different parts of the world, 30 serviced apartments and a collection of special designer villas, spread over a landscape of over 120 acres, the daily added.
According to an earlier announcement, the total project cost is $200 million — construction cost alone would be $150 million. Construction of the resort is anticipated to begin in mid-2001 and the resort is expected to be ready for operation by mid-2004 – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com )