Renaissance Services has closed financing to develop the Duqm permanent accommodation for contractors (PAC) project in Oman,

The total project investment is estimated at OMR75.5 million (US$195.5 million). The financia package is composed by a OMR45.3 million (US$117.3 million) of debt provided by Ahli Bank, Al Omaniya Financial Services, Bank Dhofar, Bank Muscat, Bank Sohar, HSBC Oman, National Bank of Oman and Oman Arab Bank.

Bank Muscat - Investment Banking has acted as financial advisor to Renaissance for financing the project.

The project involves the development of an accommodation facility for about 16,000 people. It will have fully serviced housing, recreation and catering facilities. The project is part of the Government's plan to develop the Duqm Special Economic Zone.

The accommodation facility is expected to be open by mid 2016.

Vishal Goenka, Group CFO of Renaissance, stated:

We are excited about the Duqm accommodation project, where scale and design are coming together to create a unique offering at extremely competitive terms. The success of this financing exercise shows, once again, the strong relationships Renaissance enjoys with investors and lenders, and we are grateful for the support shown by our valued partners."

"This is a landmark project of unparalleled size and scale in-country, which further strengthens Renaissance's leadership position as the largest provider of blue collar accommodation in Oman."

In September 2014, Renaissance Services awarded two main construction packages for the Duqm PAC project to Services and Trade Company and Al Hajiry. At that time Stephen Thomas, CEO, commented:

"Duqm is an important part of Oman's long-term vision, and people know how excited Renaissance Services are to get the private sector behind national ambition through the Duqm PAC. Together, we have created a commercially exciting project, which meets the tough Renaissance test: Safe, Efficient, Green and Local. Our services business is on track to double revenue and profit over the next two to three years, and the Duqm PAC project has a part to play in that growth."