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AMJ’s Corporate and Capital Markets team has advised on the establishment of a corporate structure for the US$195 million Duqm Permanent Accommodation for Contractors (PAC) project, a joint initiative by the Special Economic Zone Authority (SEZAD) and Renaissance Services SAOG (Renaissance). The project, the largest of its kind in Oman, is scheduled for completion in mid-2016. Once ready it will provide modern living accommodation, a mosque, clinics and retail outlets for over 16,000 people working for EPC contractors on landmark projects such as Duqm oil refinery, port, dry dock, and international airport.

The deal involved the formation of a special purpose vehicle holding company, Renaissance Duqm Holding Company SAOC (SPV), to own and develop the project which is funded by way of equity investment and debt financing. Renaissance holds 51.9 per cent shares in the SPV with the balance 48.1 per cent held by Royal Court Affairs, Ministry of Defence Pension Fund, Al Khonji Development and Bank Muscat.  The equity investment (30 per cent) was provided by the Royal Court Affairs, Ministry of Defence Pension Fund, Al Khonji Development and Bank Muscat. The debt financing (70 per cent) was provided by a consortium of Omani banks. Acting on behalf of the SPV, AMJ advised on the private placement of approximately RO 30 million equity, management contract, corporate obligations and compliance with SEZAD regulations for companies operating in the Duqm Special Economic Zone.

The AMJ team was led by senior partner Mansoor Malik with assistance from junior partner, Ardeshir Patel and senior associate Rick Dhillon. AMJ’s Corporate and Capital Markets team was named IFLR Middle East Equity Team of the Year in 2014.