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OAB, Omran sign financing deal for Nikki Beach Resort & Spa Muscat

10 Sep 2023 By OUR CORRESPONDENT

Muscat – Oman Arab Bank (OAB) and Oman Tourism Development Company (Omran Group), the sultanate’s tourism investment and development arm, have sealed a strategic partnership to solely finance the upcoming Nikki Beach Resort & Spa Muscat project, currently being developed adjacent to the Sustainable City – Yiti.

For Oman Arab Bank, this marks the latest landmark project that the bank has financed in Oman, further supporting the sultanate’s advancement across developmental and economic sectors.

In a press statement, Sulaiman al Harthi, CEO of Oman Arab Bank, said, “We are proud to partner with Omran Group to bolster the nation’s hospitality sector. The bank has a proven track record of handling large-scale, complex projects and catalysing economic diversification efforts that are aligned with the objectives of Oman’s Vision 2040. Economic diversification is vital to stimulate Oman’s sustainable development at a global level, and this project represents another step forward on that journey.”

Omran Group’s CEO Hashil al Mahrouqi said, “We are excited to be working with Oman Arab Bank to see the Nikki Beach Resort & Spa Muscat project through to its successful completion. This resort is part of our continued endeavor to build on the nation’s position as a preferred global destination for tourists. It is a landmark development widely considered to be one of the most significant additions to Oman’s luxury hospitality sector. It will undoubtedly play a vital role in pushing Oman’s tourism sector to reach its full potential, which aligns with Omran Group’s commitment to developing exceptional and sustainable destinations.”

Nikki Beach Resort & Spa Muscat will feature 140 hotel rooms and 30 villas with private pools. Facilities will include the Beach Club, three signature restaurants, three swimming pools, a spa, gym, and Marina.

Founded in 1998, Nikki Beach is a global concept that combines elements of music, dining, entertainment, fashion, film, and art. Its Muscat property will be the latest in a portfolio that currently boasts 11 Beach Clubs and five hotels and resorts located around the world.

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