Muscat: Reaffirming its longstanding role in supporting Oman’s economic advancement, ahlibank has signed a financing agreement with Muscat Bay for the development of Luma Residences, a premium residential project within the destination. The agreement reflects the bank’s continued focus on partnering with projects that demonstrate strong fundamentals, disciplined execution, and alignment with national priorities under Oman Vision 2040.

Commenting on the agreement, Zaliya Al Balushi, General Manager – Head of Corporate Banking, ahlibank, stated, “At ahlibank, corporate financing is approached as a strategic lever for strengthening the economy over the long term. By supporting initiatives such as Luma Residences, we aim to facilitate projects that foster market confidence, promote responsible development practices, and contribute to the steady growth of Oman’s urban landscape. In doing so, ahlibank remains closely aligned with the Sultanate’s development efforts that focus on long-term value and execution.”

Under the agreement, ahlibank will extend financing for the development of residential units within the Integrated Tourism Complex (ITC) of the Luma Residences project. The partnership underscores growing confidence in ahlibank’s capability to support a diverse portfolio of national development initiatives through effective collaboration with both public and private sector stakeholders. Such agreements demonstrate the bank’s alignment with national priorities in advancing the economic diversification agenda. They also underline its commitment to delivering high-quality financing solutions that respond to evolving needs, while building well-structured partnerships that support the structuring and execution of complex projects within a stable and well-governed framework.

Luma Residences is being delivered as part of Muscat Bay, which has emerged as a notable example of integrated residential and destination-led development in the Sultanate. The project represents a continuation of Muscat Bay’s phased development approach, contributing to the evolution of high-quality urban environments that generate economic activity across a range of sectors.

From a banking perspective, developments of this scale require financing structures that are carefully calibrated, supported by robust governance frameworks, and underpinned by a clear assessment of project fundamentals. Within this context, ahlibank delivers tailored financing and advisory solutions to corporate and institutional clients, enabling projects such as Luma Residences to be executed in line with contemporary regulatory and environmental standards, while contributing positively to the broader urban landscape.

As a forward-looking institution, ahlibank remains committed to strengthening strategic partnerships with developers and corporate entities on initiatives that meaningfully support Oman’s development agenda. By collaborating with established stakeholders on large-scale projects, the bank continues to play a constructive role in facilitating well-planned developments that align with national priorities and contribute to the Sultanate’s long-term economic growth.