Oman-based Renaissance Services has announced that it has secured funding worth $82 million for the expansion of its workers’ village in the Duqm region of Oman.

The new funding comes following the successful closing of debt financing deals with six Omani financial institutions: Bank Muscat, National Bank of Oman, Bank Dhofar, Ahli Bank, Oman Arab Bank and Al Omaniya Financial Services.

The key highlights of the agreement include long-term tenure, supportive step-up repayment schedule akin to a bond structure and competitive terms mutually beneficial to the company and financiers, a report from the Times of Oman said.

Phase One of the Renaissance Village Duqm (RSVD) has been completed out of funding from equity, shareholder’s bridge funding and internal surplus; and its total capacity now stands at over 23,000 beds, the report noted.

Renaissance Services said the major shareholders of RSVD, comprising Royal Court Affairs, Ministry of Defense Pension Fund, Bank Muscat and Al Khonji Holding Group, had funded 40% of the expansion work at the workers’ village, mainly designed to accommodate the labour-force of all contracting firms in the Duqm Special Economic Zone in Oman.

Bank Muscat’s investment banking team was the financial advisor for RSVD on the debt financing project, while its legal advisors were Al Busaidy Mansoor Jamal and Addleshaw Goddard.