MUSCAT: Al Yusr, the Islamic Banking Window of Oman Arab Bank (OAB), recently hosted the signing ceremony for the financing of the 4-star Movenpick hotel – Bowsher; a step that will boost Islamic banking finance for local projects within the tourism sector. Representing Karama Investment Company at the signing ceremony was Sheikh Omar bin Abdullah Al Qatabi, Managing Partner, while Al Yusr was represented by its General Manager, Dr Khalifa Al Ghammari.
Comprising of 205 hotel rooms and 48 serviced apartments, Movenpick Bowsher will open its doors in 2021. The upcoming project promises world class facilities, including a dedicated banquet hall, sports hall, rooftop swimming pool, two branded restaurants, coffee shop, and two separate salons for Men and Women within the property. Set to occupy approximately 25,000 square meter, the hotel includes two underground floors, one ground floor and six upper floors.
Touching on Al Yusr financing the project, Dr. Khalifa Al Ghammari said, “We are pleased to be taking part in the establishment of such a market leading project. This is a vital step for Al Yusr, as it emphasises the success of the Islamic banking sector in financing large projects, particularly those within the tourism industry. Financing this project, in fact, comes as a direct result of the great financial results we achieved last year. I am confident that this year’s results will be even greater, showcasing the sustainable growth for Islamic finance not only at a bank level but also at a country-wide level.”
Sheikh Omar bin Abdullah Al Qatabi further noted, “Given that Oman has a clear strategic vision for the promotion of the sector, tourism has become amongst the best available choices for investments. It is for this reason that our company is investing in a variety of promising tourism projects, each of which will be a valuable addition to the sector’s infrastructure in the country. One of these projects is the Movenpick Hotel, which is set to occupy a prime location close to the Mall of Oman. We are extremely delighted to have collaborated with Al Yusr and with the Amjaad Group to finalise the financing of this prominent project.”
A modern Swiss based hospitality and service provider, Movenpick is a hotel operator that established its hospitality business in the 1970s. It has since grown to become amongst the world’s most prominent operators. Its first hotel in Oman will combine elegant international design concepts with unique Omani architectural elements in a manner that reflects local culture in a more modern style, whilst at the same time ensuring international standards of hospitality.
Al Yusr is the Islamic Banking Window of OAB. Established in 2013, the Islamic banking window provides services via seven branches; two in the Muscat Governorate (Athaiba and Wattaya), and others in Salalah, Nizwa, Falaj al-Qabail, Ibra and Al-Buraimi. Al Yusr customers also have access to 148 OAB ATM’s located across Oman. Al Yusr Islamic Banking provides its retail and corporate customers as well as investors’ a wide range of Shari’ah compliant products and services.
Karama Investment Company L.L.C is an Omani investment company founded for the purpose of establishing and managing a 4-star hotel in the Wilayat of Bowsher. The hotel is set in line with Sharia principles and under the brand name of ‘Movenpick’.
Amjaad Group (the Contractor and Consultant for the Project) is an Omani group of companies with a national vision, including Amjaad Development, Amjaad Engineering and Contracting, Amjaad Engineering Consultancy and Liwan Investment. It started operations in 2006 and operates in an integrated model (design build operate), starting with feasibility studies, development, investment and finance, engineering design and supervision, engineering and contracting, leasing and operation, which makes it a group that is characterized by the provision of unified services with the highest standards of quality. As such, it contributes effectively to accelerate the growth of urban and diversification in the sources of income.