Renaissance Village Duqm to expand capacity to 25,000 beds

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.