Oman plans to raise $6bn to finance aviation sector growth

24 April, 2019 12:00 AM printer

DUBAI: Oman Aviation Group, which ooversees the sultanate’s national carrier and manages airports, plans to raise $6 billion (Dh22bn) to finance the country's aviation sector expansion as it looks to attract tourists and grow the non-oil sector, following S&P Global Ratings' cut of Oman's outlook to negative.

OAG has put out a request for proposals for the funding to local and international banks, expecting to secure the first tranche by June 2020, its chief executive Mustafa Al-Hinai told The National in an interview on Tuesday. The $6bn will be staggered in tranches over the next 10 years to fund the expansion of the country's airports and privatization of its assets, report agencies.