Omran inks $104m deal for Marriott Hotel in Muscat

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Omran inks $104m deal for Marriott Hotel in Muscat

Oman Tourism company Omran and Bank Sohar signed a deal worth $104m (OMR40.1m) to finance the building of the JW Marriott Hotel project in Muscat.

According to Arabian Business, the hotel will be located within the upcoming Oman Convention and Exhibition Centre (OCEC) which will form part of the new Al-Irfan City project developed by Omran.

Omran acting CEO Ali Rasbi said: “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.”

The hotel will be a five star property, with a total of 304 keys, plus food and beverage outlets, meeting facilities and a health and leisure club.

The new deal signed this week follows an OR30.6 million agreement made in September with Bank Sohar to finance the Crowne Plaza Hotel development, which will also be located within the OCEC.

The completed OCEC complex will include a total of four hotels, a business park, a retail shopping mall, plus the Convention Centre Precinct.

The OCEC project is currently expected to open in 2016, while the JW Marriott hotel is expected to be completed in 2017.

Source and Link: Construction Week online

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.