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BankMuscat Ties Up With Al-Madina Real Estate
Company To Provide Baituna Home Finance
Muscat. 13 March 2007: BankMuscat (SAOG),
the nation’s premier bank, has signed a
Memorandum of Understanding (MoU) with Al Madina
Real Estate Company to provide its suite of
baituna home finance to the purchasers of
residential units at various Al Madina
developments across the country. The current
arrangement between the two organizations will
start with the Rihab Al Mawaleh Project followed
by the Tilal Al Khuwair Project. BankMuscat will
be a provider of home finance to all forthcoming
Al Madina Real Estate Company developments.
Currently, the Al Madina Real Estate Company is
in the process of constructing its Rihab Al
Mawaleh Project, a residential complex in Al
Mawaleh area that provides customers with a
variety of architectural styles to choose from.
Rihab Al Mawaleh offers a modern lifestyle
environment for Omani as well as expatriate
families.
The Tilal Al Khuwair project comprises a
shopping mall, office buildings, hotel
apartments, residential apartments and a
five-star hotel. The development aims at
establishing an integrated project, which caters
to the needs of families, entertainment,
tourism, shopping as well as the corporate
environment. The project will occupy an area of
77,000 sq.mtrs at a significant location in Al
Khuwair at a total cost of more than 260 million
dollars.
Speaking on the occasion AbdulRazak Ali Issa,
chief executive, BankMuscat said,
“As the nation’s leading bank, we are committed
to offering our customers nationwide with a
choice of housing solutions that cater to their
taste and lifestyle. This MoU with Al Madina
Real Estate, we believe, will assist us helping
our national and expatriate customers realize
their dreams of owning a property in the
Sultanate of Oman.”
Speaking during the signing ceremony, Eng. Abdul
Rahman Barham, Chief Executive, Al Madina Real
Estate Company, said:
“The real estate market in Oman is currently
witnessing a boom in the tourism as well as the
residential segment. This is mainly attributable
to the economic activity in the Sultanate and
the abundance of liquidity in the market. The
real estate market in Oman has great potential,
and will definitely play a vital role in future
growth and development of the national economy
“Al Madina Real Estate Company has been
considering developing a leading multi-purpose
real estate project in Muscat - Tilal Al Khuwair
Project. We expect this project to integrate
well with other tourism projects that are
currently in the pipeline for the capital
region.”
He further continued
“At its first stage, the Tilal Al Khuwair project provides 185
residential units available for sale, noting
that the quantity offered has been reserved so
far. Through the MOU signed with BankMuscat,
buyers can avail financing for the purchase of
these units.”
BankMuscat’s baituna suite of products comprises
of baituna Classic Home Finance, baituna Gold
Home Finance and baituna Plus Home Finance. The
baituna suite of products is available for
purchase & construction of homes for first-time
buyers; purchases of second homes or retirement
homes; and also for purchase of land for
residential use at selected locations. Financing
is offered primarily to Omani nationals, though
the suite of products also provides financing
options for GCC nationals and expatriates who
wish to seek housing finance for properties in
the Sultanate. The Bank also provides
refinancing options to customers with existing
housing loans from other organizations.
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