Oman's Blue City gets $925 million in financing from international bond placement

By Reshmi Basu

New York, Nov. 8 - Al Sawadi Investment & Tourism Co. LLC (ASIT) raised $925 million in bonds for the development of Blue City, Oman, which is one of the largest urban development projects in the Gulf.

The funds will be used to finance the first phase of construction of the coastal development project, which is slated to start this month.

The Blue City is located at Al Sawadi on the Omani coast, which is about 90 kilometers northwest of the capital Muscat.

It is expected to take about 20 years and about $20 billion to complete the project over several phases.

Bear Stearns Oppenheimer Investments was the financial adviser for the bond deal.

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