16 March 2007
MUSCAT -- BankMuscat has signed a memorandum of understanding 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, according to a press release received here.
The current arrangement between the two organisations 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.
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 realise 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."
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 and 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 AGCC 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 organisations.
MUSCAT -- BankMuscat has signed a memorandum of understanding 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, according to a press release received here.
The current arrangement between the two organisations 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.
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 realise 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."
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 and 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 AGCC 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 organisations.
Times of Oman 2007
