MUSCAT: Muriya, a joint venture between Egypt’s Orascom Development Holding and Oman government’s tourism investment arm Omran, has invested $250 million so far to develop its integrated tourism projects in Oman.

Muriya, which is 70 per cent owned by the Egyptian company, is now developing two major integrated tourism complexes — Jebel Sifah and Salalah Beach. The developer is planning to invest more money to complete these projects, as per the plan.

“Let us say, every year, we will have $100-$150 million invested and more and more as we grow. The size of the land allows (us to invest) so much money,” Sawih O. Sawiris, chief executive of Orascom Development told Times of Oman, on the sidelines of ‘the fourth Arab-Germany Family Business Summit’ here yesterday.

Muriya’s Jebel Sifah and Salalah Beach projects are part of integrated tourism complexes, which allow 100 per cent foreign ownership.

Sawiris said Muriya’s second hotel in Salalah will open within few weeks. “We have opened our first hotel in Sifah and we are opening the second one in Salalah within a few weeks. I feel that the base has been established and now it is all about growing and growing in the next 20 to 30 years,” he explained.

However, the Orascom chief said there was a delay in developing the projects in Oman.

“We are just progressing a bit slower than originally planned,” he said, adding that this was mainly due to the crisis that affected the real estate market and the consequent difficulty in getting bank loans.

“Banks are very tough in this country and it is very difficult to get finance for projects because of the real estate crisis. Accordingly, we have had problems in finding financiers until recently. But now it is becoming better.”

He also noted that the demand for real estate projects has declined, when compared to the situation about three to four years ago.

However, he noted that the delay of one year or so is not a big issue for the developers.

Freehold apartments, villas
“It is not that important whether you are one or two years late or early. At the end of the day, what matters is that the substance and the nature of the project is still intact and the progress of the project is still there,” he said, adding,
“When you do projects of that nature, you do them for the long term, and three or four years do not dictate what is good for the project.”

“But sooner or later, we will have a new boom and Oman will come back to become very much in demand.” Sawiris also noted that the company did not scale down any of its projects in Oman.

Spreads over an area of 6.2 million square metres, Jebel Sifah is home to luxurious freehold apartments and villas of diverse architecture and style, four five-star hotels and two marina boutique hotels, up to 200 berth inland marina and marina town, retail venues and restaurants cafes.

Likewise, Salalah Beach is spread over an area of 15.6 million square metres with 8.2-km beach front. This integrated tourism complex will comprise of high end luxury freehold apartments and villas, its own shopping and retail outlets, five five-star hotels and two marina boutique hotels, an 36-hole PGA Golf Course, a 200-berth inland marina, a marina town and restaurants