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Omran and OAB sign financing agreement

12 Nov 2019

Oman Tourism Development Company (Omran), the sultanate’s executive arm for tourism development, recently signed a term financing agreement with Oman Arab Bank (OAB). Under the agreement, OAB will finance Omran with a long-term debt for the W Muscat hotel.

Omran said the new agreement is in line with the objective of supporting the government’s economic diversification efforts and increased focus on developing the country’s tourism sector.

The agreement was signed by Peter Walichnowski, CEO of Omran and Rashad al Musafir, CEO of OAB at the W Muscat. The signing ceremony was attended by several senior executives from both entities.

In a press statement, Walichnowski said, “Now that the W Muscat has completed construction and officially opened, we can put in place long term debt that will be financed from hotel operations. The involvement of the private sector allows the government funds to be released and used to create new tourism projects that support the 2040 National Tourism Strategy.”

Musafir said, “OAB recognises Oman’s potential for growth, especially with regards to tourism, and the need to further diversify the country’s economy. Subsequently, we are committed to supporting the various arms of the government in facilitating their various developments, in turn assist them in any way possible towards achieving Oman’s 2040 National Tourism Strategy goals. This is why we are delighted to be collaborating with Omran, a company that has a proven track record of delivering and managing sustainable tourism assets such as the W Muscat.” 

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