The leading developer of luxury projects in Oman , Omran will be developing Madinat Al Irfan Urban Center project located in Muscat, reported Trade Arabia.
The signing of the project’s deal is considered a successful phase of the company’s public- private partnership goal.
The company stated that 20% of investments were put in to the new Crowne Plaza property which is a part of the project’s first phase.
Omran is said to have invested in Phase One of Al Irfan in efforts to develop a base that will grow onward on site that will provide less risky options for private sector investment according to Salim Al Ghazali the Chief Investment Officer of Omran.
Ghazali also added that works are being commenced at the Oman Convention and Exhibition Center (OCEC) as the private sector is investing in building the center which has currently ready assets, stated Gulf Digital News.
The Public Authority for Social Insurance and the Sultan Special Force have invested pension funds of 20% in the project after being offered the Crowne Plaza proposition.
The Crowne Plaza is a four-stars hotel with 296 rooms and various food & beverage outlets and health and leisure club; a project that is considered one of the several assets offered for investment and is expected to be opened by next year.
Madinat Al Irfan Urban Center is considered one of Omran’s major projects and is of low risk investment because it is also one of the company’s many projects and developments in Oman therefore was worth of investing in, said Sheikh Ghasan Khamis Al Hashar, the investment director of Public Authority of Social Insurance
Madinat Al Irfan project Phase two is expected to include luxury JW Marriott hotel and full amenities for guests. Both properties are part of OCEC as an initial asset in the first phase.
Both hotels and convention center are expected to be launched next year.