Tilal Development Company and Bank Muscat Meethaq Islamic Banking Sign Agreement worth OMR 30 Million to Finance Expansion of Muscat Grand Mall
Muscat June 01, 2015
In a significant step forward towards the development of Tilal Development Company's premier project - the Tilal Complex, an agreement was today signed between Tilal Development Company and Bank Muscat Meethaq Islamic Banking worth RO 30 million to finance the expansion of Muscat Grand Mall and the Millennium Executive Apartments at Tilal Complex.
The agreement was signed by Engineer Abdul Rahman Barham, Board Member of Tilal Development Company and Mr. Sulaiman Al-Harthy, Group General Manager - Meethaq Islamic Banking. Also present at the signing ceremony were Mr. Hassan Jaboub - General Manager at Tilal Development Company, Mr. Girish Koli - Chief Financial Officer at Al Madina Real Estate Company as well as key executives from Tilal Development Company and Meethaq.
Engineer Abdul Rahman Barham, Board Member of Tilal Development Company shared his thoughts at the signing ceremony. He mentioned, "Today marks a significant day for us at Tilal Development Company as we sign this strategic collaboration with the Sultanate's pioneering Islamic bank - Bank Muscat's Meethaq. Following this financing agreement, we will be all set to undertake our development plans for the Tilal Complex. With the second phase of expansion, Muscat Grand Mall is adding additional space. The new growth plans also include doubling the parking space area and expanding the entertainment options in order to deliver a truly world-class shopping and entertainment destination in the Sultanate."
Mr. Sulaiman Al Harthy, Group General Manager - Meethaq Islamic Banking, said: "Meethaq is proud to be associated with the prestigious expansion of Muscat Grand Mall and Millennium Executive Apartments at Tilal Complex. The financing agreement further reinforces Meethaq strategy to attract customers through innovative Shari'a based products and services. With this agreement, Meethaq has once again taken the lead in offering banking products and services to finance assets which are in line with Shari'a principles. We recognise that retail and infrastructure developments support the city's growth outlook and further reinforce core economic sectors. Muscat Grand Mall within the Tilal Complex has gained a reputation as a world class project and we are proud to partner in their journey of success."
With the new Muscat International Airport terminal under construction and the number of tourists projected to increase exponentially in the Sultanate, projects such as the Grand Millennium Muscat Hotel and the residential complex by Tilal Development Company will be on track to provide a premier lifestyle destination for both tourists and residents.
The Tilal Complex is the first mixed-use development in the Sultanate of Oman. Muscat Grand Mall is currently home to over 142 retail outlets, 30,000 sq metres of commercial offices where the Ooredoo headquarters are located, a residential complex of 250 freehold apartments and 115 four star hotel apartments and a rooftop garden.
Commenting on this strategic announcement, Hassan Jaboub - General Manager of Tilal Development Company said, "Home to a large number of international brands that have secured their first presence in Oman with Muscat Grand Mall, it is no surprise that the Tilal Complex has become the lifestyle centre for residents in the Sultanate. On completion of the next phase of the Mall, we are confident that not only will footfalls grow but Muscat Grand Mall will truly become the nucleus of all events and activities within Oman."
He also commented, "With the first phase secure, we are looking towards strengthening the fashion portfolio of the mall enhancing Muscat's retail offerings. With the added retail space, MGM will draw new and internationally prominent flagship stores of the world's most renowned brands, expanding the choices for our customers."
Tilal Development Company is the Sultanate's leading real estate company and has been credited with the completion of the ground breaking Muscat Grand Mall project, which has proved successful in redefining Muscat's retail space.
© Press Release 2015