Re­nais­sance Vil­lage Duqm to ex­pand ca­pac­ity to 25,000 beds

Muscat Daily - - BUSINESS -

Re­nais­sance Vil­lage Duqm, the pre­mium em­ployee ac­com­mo­da­tion fa­cil­ity in the Spe­cial Eco­nomic Zone in Duqm, is set to en­ter the next phase of ex­pan­sion to in­crease the ac­com­mo­da­tion ca­pac­ity from the cur­rent 18,655 beds up to 24,895 beds.

The de­ci­sion for the next phase of ex­pan­sion has been taken unan­i­mously by the board of Re­nais­sance Duqm Hold­ing, a sub­sidiary of Re­nais­sance Ser­vices Co. Re­nais­sance Ser­vices holds the ma­jor­ity shares in the firm, along with key strate­gic in­vestors.

The in­te­grated Re­nais­sance Vil­lage Duqm project was for­mally in­au­gu­rated in Novem­ber 2017 with a ca­pac­ity of 16,960 beds. This was sub­se­quently in­creased to 18,655 beds to cater to the grow­ing needs of the Spe­cial Eco­nomic Zone in Duqm.

The to­tal in­vest­ment in the project has been RO80mn to date, Re­nais­sance Ser­vices said in a dis­clo­sure to the Mus­cat Se­cu­ri­ties Mar­ket. ‘The forth­com­ing phase of the planned ex­pan­sion will see the ca­pac­ity in­crease by up to 6,240 beds, with ad­di­tional cen­tral fa­cil­i­ties.

Four fur­ther ex­pan­sion phases, adding 12,780 beds, shall fol­low as en­vis­aged sus­tain­able de­mand in­creases. The to­tal ex­pan­sion of all phases is es­ti­mated to cost RO50mn,’ the com­pany said.

Re­nais­sance Ser­vices said that the pro­posed in­crease in the ca­pac­ity of Re­nais­sance Vil­lage Duqm is war­ranted by the in­creas­ing ac­tiv­ity lev­els at Duqm.

‘The Re­nais­sance Vil­lage Duqm has come to sym­bol­ise Oman’s col­lab­o­ra­tive ef­forts to as­sure the liv­ing con­di­tions of its labour force, which are in line with the stan­dards set by SEZAD and the Min­istry of Man­power aligned with the In­ter­na­tional Labour Or­ga­ni­za­tion (ILO),’ Re­nais­sance Ser­vices added.

Oc­cu­pancy is in­creas­ing ev­ery month at Re­nais­sance Vil­lage Duqm and now stands above 12,000 res­i­dents (more than 60 per cent). ‘We have ex­panded to­tal bed ca­pac­ity from 16,960 to 18,655. Fore­cast de­mand ex­ceeds this ca­pac­ity by year-end, so the com­pany is pur­su­ing fur­ther ex­pan­sion dur­ing the year,’ Re­nais­sance Ser­vices said in its fi­nan­cial re­port re­leased in Au­gust.

The com­pany had said that the oc­cu­pancy is also im­prov­ing in the Re­nais­sance Vil­lages in PDO’s oil and gas fields, reach­ing over 90 per cent by the end of the first half of 2019. ‘We see fur­ther growth op­por­tu­ni­ties ahead with our Re­nais­sance Vil­lage brand, as a proven for­mula for suc­cess in look­ing af­ter work­forces with re­spect and dig­nity, at af­ford­able costs,’ Re­nais­sance Ser­vices added.

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