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Zubair Corp unveils seafront resort project

Zubair Corp unveils seafront resort project

Muscat: The Zubair Corporation yesterday received a 40 million riyal (Dh380 million) loan intended for the 680-room Barr Al Jissah Resort project, officials said.

"We are expecting an over 50 per cent occupancy rate. We hope to break even in the second year of operations at the resort," said Ziyad Al Zubair of Barr Al Jissah Resort Company.

He spoke following the project finance agreement signing ceremony, held at the resort site yesterday.

The 70 million riyal (Dh665 million) seafront resort is expected to receive its first guests by the end of this year.

Rashad Al Zubair, vice-chairman and group president of the Zubair Corporation, thanked the lending banks Gulf International Bank, BankMuscat, HSBC, Arab Bank and Bank of Dhofar for approving the loan for the resort project.

Maqbool Ali Sultan, Oman's Minister of Commerce and Industry, presided over the signing ceremony. Sultan lauded Zubair Group's effort to give Oman a resort that meets international standards.

"The assistance we have provided to this project, with its impressive magnitude and size, represents clear evidence of the government's commitment to the tourism sector. We are dedicated to making tourism a vibrant and vital sector of the economy," Sultan said.

The Omani minister pointed out the Bar Al Jissah Resort was planned and being built to meet the highest international standards.

The Bar Al Jissah resort will set a fine example, one to be emulated by other domestic tourist destinations, Sultan said.

Hong Kong-based Shangri La Hotels and Resorts Group will operate the Bar Al Jissah Resort. It is being built on a 450,000 square metre beachfront site. A spa, health club, swimming pools, and leisure facilities will be housed nearby.

Out of the 70 million riyals (Dh665 million) needed for the project, the Zubair Group has provided 15 million riyals (Dh142.5 million).

The Government of Oman's share is 10 million riyals (Dh95 million). The Government has also extended a soft loan of five million riyals (Dh47.5 million).
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More about "the WAVE"

The Wave appoints Turner Construction as its Project and Construction Managers

The Wave has appointed US-based Turner Construction - International as the Project and Construction Managers for phase 1 of Oman's premier tourism and sea front residential project.
Oman: 3 minutes ago

Ali Odeh, VP & GM ME Turner, H.E Abdullah Abbas Ahmed, Chairman of Waterfront Investments & President of Muscat Municipality & Jeff Rossely, Group VP, Majid Al-Futtaim Investments.

Turner Construction has underlined it presence in the region since 1975 and made its entry in the Sultanate of Oman in 2001. The construction major's world-class systems and its consistent ability to ensure timely and quality completion of huge projects have been instrumental for its continued success in the region. Turner Construction has a proven track record of managing tourism projects in Oman, and are currently handling the massive Barr Al Jissah project in Oman.

Mr. Wael Al Lawati, Acting CEO of The Wave, said: 'As a project of this scope and size requires the knowledge, guidance and advice of top consultants and professionals, we are very pleased to appoint Turner Construction as the Project and Construction Managers for The Wave. Their experience and expertise in tourism development projects makes them the obvious choice for an exclusive and luxurious project like The Wave.'

Christopher Harris, Country Manager, Turner Construction said: 'We are extremely happy to have been appointed by the promoters of the Wave project, and we are looking forward to a fruitful working relationship with them. Turner combines the established presence of a local firm with the strength, stability and resources of a global company. Turner's hotel and residential expertise allows us to mitigate risk by proactively managing activities. We bring an attention to quality to the project, necessary at upscale developments such as The Wave.'
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