MUSCAT, 21 March 2010 – Committed to fulfilling the aspirations for a ‘home for every Omani’, BankMuscat, the leading financial services provider in the Sultanate, has organised a first-of-its-kind event aimed at facilitating home deals for prospective buyers interested in properties offered by leading real estate developers.
H.E. Eng. Saleh bin Mohammed Al Farsi, Under-Secretary at the Ministry of Housing, will inaugurate the first-ever 'baituna Souq' which brings together leading real estate and property developers and several thousands of prospective buyers at Muscat City Centre, Seeb on 25 and 26 March 2010. The state-owned Oman Housing Bank is also participating in the event.
Sulaiman Al Harthy, Group DGM – Consumer Banking, said: “The ‘Oman Celebrates’ campaign launched by BankMuscat as part of the 40th anniversary celebrations of the Sultanate’s Renaissance led by His Majesty Sultan Qaboos Bin Said is aimed at offering innovative products and services catering to varied requirements of the largest banking family in Oman. Complementing government efforts, BankMuscat remains committed to supporting citizens in acquiring choice homes.”
BankMuscat’s tailor-made ‘baituna’ home finance facilitates purchase and construction of new homes as well as land for residential use. Finance is primarily offered to Omani nationals, though baituna products also provide financing for GCC nationals and expatriates. The Bank also undertakes refinancing of housing loans.
Al Harthy said: “The real estate sector is a major component of the national economy and the Bank will extend all possible support to achieve the objective of a house for every Omani. BankMuscat is committed to the revitalisation of the real estate sector and enhance its role in the national economy.”
Al Harthy added: “In view of the continued government support to various development programmes and economic activities, the real estate sector in Oman reflects a growing demand for residential units. BankMuscat is presenting ‘baituna Souq’ as a unique co-marketing opportunity aimed at offering citizens an array of home deals. All the participating real estate and property developers have long association with BankMuscat's baituna Home Finance.”
To maximise the reach and effectiveness, 'baituna Souq' is being held on a weekend, when the venue has the highest footfalls. The participating companies will be available for one-to-one meetings with potential home buyers, thereby opening a channel of contact with interested customers.
The residential segment assumes importance in light of the growth in population as well as the buoyant economy. The government distributed 142,916 plots at the beginning of 2008, of which 88.3 per cent were used for residential purposes. The deregulation in property ownership rights granting foreign ownership to GCC and non-GCC nationals has also attracted Oman as an investment destination. Due to strong regulations in place, the Omani real estate sector was protected from adverse effects of the global financial crisis.