MUSCAT – BankDhofar has signed a strategic agreement with Musandam WCT Development Company to provide financing solutions for investors in the Palm Hills project in the Governorate of Musandam, further strengthening its role in supporting homeownership and integrated community development across the Sultanate.

The agreement was signed on behalf of BankDhofar by Ahmed bin Said Al Ibrahim, Chief Retail and Government banking officer, during a ceremony held in the presence of His Excellency Eng Hamed bin Ali Al Nizwani, Undersecretary of the Ministry of Housing and Urban Planning. The partnership aligns with the Ministry’s Surooh initiative, which aims to promote integrated residential neighbourhoods through public-private collaboration.

Located in Khasab, the Palm Hills development represents an investment of over RO 70 million and is being implemented under the Surooh programme. Spanning approximately 650,000 square metres, the project will feature around 650 residential units, positioning it as one of the most significant housing developments in Musandam Governorate.

BankDhofar is among several Omani conventional and Islamic banks that have partnered with Musandam WCT Development to offer structured financing solutions for prospective homeowners. The collaboration is designed to facilitate access to credit through coordinated banking frameworks, enabling citizens to secure housing finance with greater ease and flexibility.

Palm Hills is envisioned as a fully integrated urban development that combines residential, commercial, and community elements. The masterplan includes a mix of villas, townhouses, and apartments, alongside key amenities such as a public university, a business district, a medical centre, a mosque, and other supporting facilities. Construction is expected to commence this year, with participating banks offering a range of flexible financing options tailored to different customer segments.

The project forms part of broader national efforts to stimulate residential development in Oman’s governorates while improving access to quality housing through strategic partnerships between the public and private sectors.

BankDhofar brings to the partnership a strong track record in delivering tailored home financing solutions for Omani nationals . The Bank offers competitive and flexible financing structures, supported by streamlined approval processes and advisory services that guide customers throughout the property acquisition journey.

It has played a key role in advancing housing access through participation in government-backed initiatives and collaborations with leading developers .By combining digital application channels with personalised service, BankDhofar continues to make homeownership more accessible, supporting demand in the real estate sector and contributing to Oman’s broader economic growth objectives.