16/11/2017 05:39 AST

AccorHotels, an international hotel chain, has signed a management agreement with Al Anwar Holdings SAOG for its brand new hotel - Novotel Muscat Athaiba. The agreement was signed by Masoud al Harthy, Chairman of Al Anwar Holdings SAOG, with chief executive officer of AccorHotels at the Tulip Inn (Ruwi) Hotel, under the auspices of Ahmed bin Nasser al Mehrzi, Minister of Tourism.

Located in close proximity to Muscat International Airport, the upcoming Mall of Oman and Madinat Al Irfan development, Novotel Muscat Athaiba provides convenient access to key business and leisure destinations in Muscat.

"As Oman takes great strides in economic diversification, we see a major opportunity to grow our portfolio through a focus on hospitality.

The location of Novotel Muscat Athaiba on the Sultan Qaboos Road near Oman's prestigious international convention centre positions it as a unique offering in the market," said Masoud bin Humaid al Harthy.

"Partnering with AccorHotels was a natural choice for our move into hotel development, as we aim to work with a team who has strong track record and reputation as a leading travel and lifestyle group in the Middle East," added Al Harthy.

Novotel Muscat Athaiba offers 200 spacious rooms, a fully-equipped gym, spa and swimming pool. A variety of dining options will be on offer, including a lobby lounge and all-day dining restaurant. Besides, Novotel Muscat Athaiba will have meeting rooms for medium to large scale gatherings. The Project will also offer serviced managed offices for foreign investors and travellers to work and stay together in the same place.

"The tourism sector is expected to get a shot in the arm with the opening of a state-of-the-art airport in Muscat at the beginning of next year, while new routes of Oman Air and budget carrier Salam Air will help to attract tourists from within the region and other international destinations," said Al Harthy.

The Sultanate, like other GCC states, is expanding capacity at the airports and developing infrastructure to complement the government push for boosting visitor traffic, thus providing a major incentive for increasing hotel capacities.

The new state-of-the-art terminal at the Muscat airport has a capacity to handle 12 million passengers per annum, which can be scaled up to 24 million, 36 million and 48 million in different phases if needed.

Al Harthy noted that the National Strategy for Tourism 2040 aims at making the Sultanate as one of the most important tourism destinations with a robust 6 per cent annual growth in tourism revenue, besides doubling the number of tourists to five million visitors by 2040.


Oman Daily Observer

Al Anwar to sell 9 per cent stake in Ominvest for OMR31m

13/11/2017

Al Anwar Holdings (AAH) plans to sell its 9 per cent stake in Oman International Development and Investment Company (Ominvest) to Oman National Investment Corporation for OMR31.16 million. The compan

Times of Oman

Al Anwar Holding to divest from Falcon Insurance

19/01/2017

Al Anwar Holdings SAOG (AAH), an Oman-based company listed on the Muscat Securities Market, has announced that it will be divesting part of its holding in Falcon Insurance Company SAOC.

The

Oman Daily Observer

Al Anwar net profit rises 28%

07/08/2014

Al Anwar Holding said its net profit surged ahead by 28 per cent to OMR1.59 million for the first quarter ending June, 2014.

The investment company's total income also rose 26 per cent to

Times of Oman

Ticker Price Volume
AAIC Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
BKSB 0.17 0.01 (6.25%)
BKMB 0.34 0.00 (0.00%)
NBOB 0.37 0.00 (0.00%)
ABOB 0.15 0.00 (0.00%)
BKDB 0.15 0.00 (0.00%)
Kuwait Airways, Sri Lankan Airlines strengthen codeshare agreement to expand travel

19/12/2025

In a move to consolidate its global network of destinations and provide diverse travel options to its valued customers, Kuwait Airways has announced the strengthening of its codeshare agreement with

Kuwait Times

Ajman Bank launches digital extension scheme to boost smart services

19/12/2025

Ajman Bank has launched a digital extension to expand its bouquet of smart, customer-centric banking services.

The Digital Extension has been designed to provide customers with seamless acce

Khaleej Times

Tecom Group launches Dh615 million Innovation Hub Phase 4 in Dubai Internet City

19/12/2025

Tecom Group PJSC, the creator of specialised business districts and communities in Dubai, has launched Phase 4 of Innovation Hub in Dubai Internet City to address rising demand for Grade-A office spa

Khaleej Times

Acwa Power in deal to boost $5bn sustainable utility projects across Africa

19/12/2025

Acwa Power, the world's largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed a co-operation framework with the African Development B

Trade Arabia

Saudia Cargo partners with exports body to boost Kingdom's products globally

19/12/2025

Saudia Cargo and the Saudi Export Development Authority inked a strategic memorandum of understanding, in a move set to accelerate the international reach of non-oil goods.

The agreement, si

Arab News