MUSCAT, 12 June 2019
Bank Muscat, the flagship financial services provider in the Sultanate and Meethaq, the pioneer of Islamic banking from Bank Muscat, have signed a finance agreement with Al Mouj Muscat, Oman's lifestyle and leisure destination. The agreement for a syndicated term loan worth RO 115 million will allow for the consolidation of Al Mouj’s financing facilities keeping in view its revised fund-flow requirements following the implementation of a refreshed masterplan.
The agreement was signed at the Bank Muscat Head Office by Osamah Al Abdullatif, AGM - Project Finance, Bank Muscat, and Ahmed bin Abdullah Al Massan, Acting Chief Financial Officer, Al Mouj Muscat, in the presence of Sheikh Waleed K. Al Hashar, Chief Executive Officer, Bank Muscat and Nasser bin Masoud Al Sheibani, Chief Executive Officer of Al Mouj Muscat.
Osamah Al Abdullatif, AGM - Project Finance, Bank Muscat, said: “Bank Muscat is proud to successfully close the financing facility for Al Mouj Muscat, marking a unique collaboration and continuation of Bank Muscat’s long term relationship with Al Mouj Muscat aimed at sustainable development and enhancing the tourism potential of the Sultanate. This financing agreement comes within the scope of joining hands with partners to achieve the highest value for the national economy and is a clear indication of the availability of viable financing facilities in Oman. Bank Muscat maintains a leadership position, enabled by its deep expertise, innovative structuring capabilities and sound due diligence techniques, thus catering to long-term and short-term financing requirements of major projects in the Sultanate.”
Ahmed bin Abdullah Al Massan, Chief Financial Officer of Al Mouj Muscat, said: “Al Mouj Muscat has already achieved great success, with its landmark residential, leisure and hospitality offerings now well-developed and supporting a wide range of thriving businesses. Our next phases will deliver even greater opportunities for Muscat and Oman, with additional tourism facilities creating more employment and economic benefits. We are very pleased that Bank Muscat has continued to supporting Al Mouj Muscat on this important stage in our growth, and to supporting our continuous contribution to Oman.”
A joint venture between the Government of Oman and UAE-based Majid Al Futtaim Properties, Al Mouj Muscat is spread across 2.5 million sq.m. of land located at Seeb. The project, which was one of the first in Oman to have been given ITC status by the government, is currently getting ready for a new phase of development that has been under design. Al Mouj Muscat will bring to the market exciting new concepts in a reinvigorated Marina downtown. Mixed use, residential and hospitality developments within the ITC will further reinforce the position of Al Mouj Muscat as an international tourist destination.
Al Mouj Muscat will have more than 6,000 residential homes and a number of 4 and 5-star hotels. Within this an increased diversity of living options has been designed to allow Al Mouj Muscat to navigate current and variable business cycles expected in a project spanning several decades, where flexibility and diversified product ranges are essential.