Travel, Tourism & Hospitality
Sharakah, Ezz Asass partner to boost hospitality in Duqm
Sharakah, Oman's top SME development company, has partnered with Ezz Asass International to secure a strategic funding package for the four-star Sheraton Duqm hotel, set to commence operations by August 2025.
Sharakah, Oman’s leading SME development company, has signed a new Memorandum of Understanding with Ezz Asass International, the owning company behind the upcoming Four Points by Sheraton Duqm. The agreement provides a strategic funding package to support the final stages of development for the four-star hotel, expected to begin operations by the end of August 2025.
The funding solution comprises a mix of term loan and equity investment, allocated for machinery and equipment, furniture, pre-operational expenses, and working capital. This initiative reflects Sharakah’s commitment to supporting high-impact Omani ventures that contribute to the national economy and align with Vision 2040.
Ezz Asass International, an Omani investment firm, is spearheading the project as part of its flagship entry into the hospitality sector. The company had signed a hotel management agreement with Valor Hospitality Middle East to operate the Duqm property under the globally recognised Four Points by Sheraton brand, a part of Marriott’s prestigious portfolio.
“This partnership marks a major milestone for our company,” said Doctor Hamad Abdullah Al Harthy. "With Sharakah’s support, we are confident in delivering a premium hospitality offering that will serve tourists, business travellers, and the local community. This collaboration highlights the importance of local funding in driving national projects forward."
Ali Ahmed Muqaibal, CEO of Sharakah, said, "Supporting Ezz Asass International in a tourism-led project of this scale aligns with our mission to empower Omani SMEs and drive economic diversification. We are confident this hotel will play a vital role in elevating Al Wusta’s tourism infrastructure." -TradeArabia News Service