Omani banks come together to finance Muscat tourism project
The $275 million deal is one of the largest real estate financing transactions made in Oman in recent years. Under the terms, funding for the entire first phase of the ITC development will be financed to Saraya Bandar Jissah.
The first phase of the tourism complex will comprise two beachfront Jumeirah Group hotels, three exclusive residential zones – Zaha, Nameer and Wajd – with comprehensive recreational facilities, and staff accommodation.
Hamood bin Sultan al Hosani, CEO of Saraya Bandar Jissah, said the agreement between the company and Oman’s largest banks is strategically important for the ITC development.
“The development agreement with the two banks provides an ironclad guarantee to our customers that their properties will be delivered within the stipulated deadline irrespective of the market dynamics,” al Hosani said. “Our partnership with the local banking community will help potential buyers envision their dream home and help make it a reality.”
Bank Muscat CEO AbdulRazak Ali Issa said the financing agreement is in line with the Sultanate’s vision to develop the Omani real estate sector through strengthened institutional participation in sustainable real estate projects.