Oman: Strategic credit facility agreement valued at $163mln signed
Muscat: In a significant move to advance economic growth and sustainable urban development, Sohar International and Al Mouj Muscat have signed a Memorandum of Understanding for a strategic credit facility agreement valued at OMR63 million to Al Mouj Muscat.
This agreement reflects the shared commitment of all parties to support the Sultanate's long-term prosperity through innovation, high-quality urban development, and strong financial stewardship enabled by trusted institutional partnerships.
Abdulwahid Al Murshidi, Chief Executive Officer of Sohar International, said: 'At Sohar International, we take great pride in actively contributing to the Sultanate's infrastructure development, which is central to Oman's broader national growth agenda. Our support for Al Mouj Muscat visionary project through this strategic credit facility reflects our commitment to empowering landmark initiatives that drive economic diversification and position Oman as a leading destination for investment and tourism. As we continue to deliver innovative financial solutions tailored to the ambitions of our partners, we remain steadfast in our vision to offer an integrated banking experience that creates sustainable value for our clients and contributes meaningfully to the national economy.'
Structured as a combination of term and revolving loan facilities, the agreement provides Al Mouj Muscat with the financial flexibility to accelerate ongoing and future developments, enhance operational efficiency, and pursue strategic expansion. This support will not only strengthen its diverse portfolio of residential, commercial, and hospitality assets but also enable the delivery of elevated experiences that meet the evolving expectations of its community, investors, and partners—setting new benchmarks for excellence in the real estate sector within the Sultanate.
Nasser Al Sheibani, CEO of Al Mouj Muscat, commented: 'Since the inception of Al Mouj Muscat in 2006, we have shouldered a great responsibility to become Omans' premier waterfront development and also a benchmark project for integrated mix-use developments. This agreement with Sohar International is a testament to the strength of our financial position and a clear vote of confidence in our vision for the future of the project'.
The facility also underscores the strength and maturity of Oman's banking sector, highlighting the power of national institutional collaboration in advancing economic diversification. With this agreement, Al Mouj Muscat reinforces its foundation to create long-term value and solidify its position as a dynamic hub for lifestyle, leisure, and investment in the Sultanate.
This partnership also reflects Sohar International's broader mandate to deliver impactful financial solutions that foster socio-economic progress, generate employment, and attract sustainable investment. By focusing on high-impact sectors, the Bank remains committed to building strategic partnerships that accelerate development and contribute to shaping a resilient and forward-looking national economy.
© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).
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