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Oppenheimer Investments is pleased to announce the completion of the phase one tranche of financing for Al Madina Al Zarqa - The Blue City, Oman – one of the largest urban development projects in the Gulf. $925m was raised from international investors on behalf of the Al Sawadi Investment & Tourism Company LLC (ASIT) by the arranger of the bond issue, Bear Stearns. Oppenheimer Investments is the financial adviser to the Al Sawadi Investment & Tourism Company and is supervising the structuring and placing of this bond. The funds will be used to finance the first phase of construction of the 34 sq km coastal development which will start in November 2006. The Blue City is centred at Al Sawadi on the Omani coast some 90 kilometres northwest of the capital Muscat. It is expected to take approximately 20 years and about $20 billion to complete over several phases. The Blue City is designed to attract over two million tourists a year to its facilities and its upscale hotel accommodation, just 30 minutes by road from the country’s international airport. “We are extremely honoured to be involved in this spectacular project,” said Samuel Grossmann, Global Chief Executive of the Oppenheimer Group of Companies. “This bond issue is a major step in bringing the vision of Blue City to a reality. We look forward to continuing the work with the Al Sawadi Investment & Tourism Company towards the completion of this project.” “Al Madina Al Zarqa - The Blue City - is a vision made real. Working with our advisers Oppenheimer Investments and the arranger of the financing, Bear Stearns, we have taken the first major step in the financing of this development – a development that is creating jobs and opportunities for the Oman of tomorrow” said Saleh H. A. Miri, CEO of the Al Sawadi Investment & Tourism Company. Oppenheimer Investments, a global financial adviser, was appointed in 2005 by the Al Sawadi Investment & Tourism Company LLC on the financing of the Blue City project and appointed Bear Stearns to act as bond placement agent and arranger for this transaction. The Oppenheimer Group of Companies maintains offices in Europe, North America and Asia.
Article Source: http://www.new.citynewslive.com
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