Muscat: The board of directors of Saraya Bandar Jissah has agreed to inject a further
OMR7 million of capital into the company.
The decision, taken at the board meeting at the beginning of September, takes the total company capital for the integrated tourism complex to OMR50 million, according to a company release.
The funds injection comes as the development moves on to its second phase of construction.
The advanced stages of earthworks and drainage structures on site have been reached, signaling that the site is nearing completion for the start of the infrastructure works.
The full infrastructure package was floated a few months ago and has received many responses from international companies and local Omani contractors.
The procurement process is nearing completion and the successful contractor is expected to be announced soon.
"The OMR7 million capital injection shows the shareholders continued commitments to the project and will enable us to move forward at full pace to the second phase of construction," Sheikh Hamood Sultan Al Hosni, chief executive of, Saraya Bandar Jissah, said, adding; "This will see all the fundamental communications, sewerage, power and water networks laid and the ground made ready for the foundations of the hotels and residential units along with the resort road network and lighting."
Tender package for hotel
"We are making good progress with work on site and are on schedule for the 2017 grand opening of the hotels."
The tender package for the construction of the first hotel on site, the 206 key beachfront resort hotel, is also under evaluation and a contractor is expected to be announced soon.