Pension funds invest in phase 1 of Oman mega project

Omran, the master developer of the Madinat Al Irfan Urban Centre project in Muscat, has announced that two pension funds have invested a total of 20 percent in the new Crowne Plaza property, a part of phase one of the project.

The Public Authority for Social Insurance and the Sultan Special Force pension funds have both invested in Crowne Plaza at the Oman Convention and Exhibition Centre (OCEC), which is on track to open in 2017.

Sheikh Ghasan Khamis Al Hashar, investment director of Public Authority of Social Insurance said: "We had indicated an interest in investing in the major developments Omran and the Ministry of Tourism was planning, so the offer of an investment in the initial phase of Madinat Al Irfan was an attractive one.

"The investment proposition was low risk because Omran had done a lot of the development work already, including the award of contract and the financing, so this was a robust choice for us to participate in the flagship project."

Salah Bin Salim Al Ghazali, chief investment officer, Omran, said: "This kind of public-private sector cooperation is vital when it comes to developments on the scale of Madinat Al Irfan. The breadth of what the project will offer residents and visitors alike will come to fruition through investment from both public and private sector organisations."

Part of Al Irfan phase one, the Crowne Plaza will be a four-star hotel with 296 rooms, F&B outlets as well as a health and leisure club.

The phase also includes the luxury JW Marriott hotel, a five-star, 304 key property. Both hotels and the convention centre are on track to open next year, with the OCEC exhibition halls set to open later this month.

The OCEC and the wider Madinat Al Irfan Urban Centre are at the heart of the Oman Government's strategy to diversify the sultanate's economy.