Muriya invests $250m in tourism projects

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.”