Oman's Muriya 'to pump $500m in new developments'

Oman tourist company Muriya plans to invest US $500m in new hotels and leisure schemes in Salalah and Jebel Sifah.

The Muriya Tourism Development Company has earmarked the two coastal resorts as priorities for new investment in the coming years.

It wants to complete a string of high-end hotels and other recreational facilities over the next six to eight years, Times of Oman reported.

“We need another $500 million to build the remaining hotels and recreational facilities in both destinations in the next six to eight years,” said Muriya chairman Samih Sawiris, who is also chairman of Egypt’s Orascom Development Holding, which has a 70% stake in Muriya.

The newspaper said Sawiris plans to build three more hotels in Salalah, on Oman’s south coast, with 700 rooms in total.

He was quoted as saying: “So far, we [Muriya] have invested $500 million in Oman for developing both destinations.”

Muriya has reportedly taken out a $50 million bank loan for the Salalah tourism project.