Prince Alwaleed opens $ 137 m Raffles Seychelles

Updated 30 May 2013

Prince Alwaleed opens $ 137 m Raffles Seychelles

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), opened the Raffles Seychelles Resort and Residences on the northeast tip of Praslin Island, the second largest island in the Seychelles, on Monday.
The inauguration was attended by Simon Hirst, GM, Raffles Seychelles Resort and Residences, and a delegation from KHC that included Nahla Alanbar, private executive assistant to the chairman; Amani Algahtani, assistant executive manager, the Prince's Palace: Naief Alzuhair, manager, website and social media, corporate communications department; Manal Alshammary, protocol department manager; Hani Agha, senior manager for travel and external affairs; Fahad bin Saad bin Nafel, executive assistant to the chairman; and the Resort and Residences executives and Mohammed Alfaraj, assistant manager, travel and external affairs.
The Raffles Seychelles Resort and Residences is a 90- luxury villa resort hotel and 17 private residential villas. The cost of the Raffles Seychelles Resort and Residences is $ 137 million and managed by Fairmont in which KHC owns a 38 percent stake.

Oman’s bond market return a key test for reform path

Updated 21 October 2020

Oman’s bond market return a key test for reform path

  • After becoming ruler in January, Sultan Haitham made shaking up and modernising state finances a top priority

DUBAI: Oman’s return to the international bond market this week will be a test of its ability to convince investors that long-awaited fiscal reforms have started to put it on a sustainable financial footing.

Oman, rated below investment grade by all the major credit agencies, announced on Monday plans to issue bonds with maturities of three, seven and 12 years, in what would be its first global debt sale this year.

Sultan Haitham, who became Oman’s ruler in January, has made shaking up state finances one of his priorities.

But investors would like to see more concrete steps being taken and, after a further sovereign downgrade last week, may require the new bonds to offer a significant premium over the country’s existing debt.

“The new sultan has done some good things — rationalizing the number of ministries, the implementation of VAT, plans to generate additional tax revenues, and they still have sovereign assets,” said Raza Agha, head of emerging markets credit strategy at Legal & General Investment Management.

“There is positive momentum but it will take time for that credibility to build.”

According to a bond prospectus, Oman has begun talks with some Gulf countries for financial support.

“I don’t think this will actually be taken into consideration by investors unless there is a tangible announcement from Gulf countries with a tangible support package,” said Zeina Rizk, executive fixed income director at Arqaam Capital.

Oman will likely price the new three-year bonds in the high 4 percent area, the seven-year tranche in the high 6 percent and the 12-year in the mid-to-high 7 percent area, implying a premium of at least 50 basis points (bps) over its existing curve, she said.

Two other investors, who did not wish to be named, said the paper could carry a 25 bps premium over existing secondary trading levels.

Sources have previously told Reuters Oman would target over $3 billion with the new deal.

“If they take $3 to 3.5 billion, you will have a market indigestion for Oman, and I’m sure people will ask to be compensated for this risk,” Rizk said.