27 June 2010
MUSCAT: The Wave, Muscat, the Sultanate's premier integrated tourism complex, has signed a seven-year credit facility agreement with BankMuscat, the nation's leading financial services institution.
The agreement was finalised at a commemorative signing ceremony held at the mixed use development's sales centre and attended by senior officials from both parties.
The new credit facility agreement is valid until 2017, and will provide working capital and partial finance for various construction activities at The Wave, Muscat.
Michael Lenarduzzi, CEO of The Wave, Muscat said, "We appreciate the continued strong support of BankMuscat in our successful journey of development and industry leadership. The credit facility will help us in delivering various residential, commercial and lifestyle components we offer and demonstrates the confidence of the Omani capital market in the project."
The Wave, Muscat is the first 100 per cent freehold development in Oman and a unique public-private venture valued at $2.5 billion. A world-class mixed-use community spread along six-km of natural beach, The Wave, Muscat will comprise Oman's first 18-hole green links golf course, designed by Greg Norman; a 400-berth marina; modern and spacious apartments and townhouses; water, beach and garden-view villas; and 5-star luxury hotels. Situated on six km of natural beach and just 10 minutes away from an existing shopping mall and the airport, The Wave, Muscat is delivering real homes for real people. The Wave, Muscat, is being developed through a joint venture comprising Oman's Waterfront Investments (representing the Government of Oman), National Investment Funds Company (representing Omani Pension Funds), and the UAE-based Majid Al Futtaim Group.
Prestigious developments
AbdulRazak Ali Issa, CEO of BankMuscat added, "We are proud to be associated with one of the finest and most prestigious developments in the Sultanate.
"This agreement signals our support towards making this development a success story for the real estate sector in Oman."
On the property purchase front, The Wave, Muscat partnered with BankMuscat in 2008 to provide local and foreign home owners a range of lucrative mortgage and financial solutions by offering up to 80 per cent of the property value, with a loan period up to a maximum of 25 years and interest rate as low as seven per cent per annum.
MUSCAT: The Wave, Muscat, the Sultanate's premier integrated tourism complex, has signed a seven-year credit facility agreement with BankMuscat, the nation's leading financial services institution.
The agreement was finalised at a commemorative signing ceremony held at the mixed use development's sales centre and attended by senior officials from both parties.
The new credit facility agreement is valid until 2017, and will provide working capital and partial finance for various construction activities at The Wave, Muscat.
Michael Lenarduzzi, CEO of The Wave, Muscat said, "We appreciate the continued strong support of BankMuscat in our successful journey of development and industry leadership. The credit facility will help us in delivering various residential, commercial and lifestyle components we offer and demonstrates the confidence of the Omani capital market in the project."
The Wave, Muscat is the first 100 per cent freehold development in Oman and a unique public-private venture valued at $2.5 billion. A world-class mixed-use community spread along six-km of natural beach, The Wave, Muscat will comprise Oman's first 18-hole green links golf course, designed by Greg Norman; a 400-berth marina; modern and spacious apartments and townhouses; water, beach and garden-view villas; and 5-star luxury hotels. Situated on six km of natural beach and just 10 minutes away from an existing shopping mall and the airport, The Wave, Muscat is delivering real homes for real people. The Wave, Muscat, is being developed through a joint venture comprising Oman's Waterfront Investments (representing the Government of Oman), National Investment Funds Company (representing Omani Pension Funds), and the UAE-based Majid Al Futtaim Group.
Prestigious developments
AbdulRazak Ali Issa, CEO of BankMuscat added, "We are proud to be associated with one of the finest and most prestigious developments in the Sultanate.
"This agreement signals our support towards making this development a success story for the real estate sector in Oman."
On the property purchase front, The Wave, Muscat partnered with BankMuscat in 2008 to provide local and foreign home owners a range of lucrative mortgage and financial solutions by offering up to 80 per cent of the property value, with a loan period up to a maximum of 25 years and interest rate as low as seven per cent per annum.
© Times of Oman 2010
