“Building Tomorrows Communities Together”
In line with Oman Vision 2040 and its commitment to fostering effective national partnerships, Bank Muscat and Meethaq Islamic Banking celebrated the signing of new strategic partnerships with a group of real estate development companies working within Sultan Haitham City and the National Integrated Residential Neighbourhoods Initiative “Sorouh”. These partnerships reaffirm the Bank’s commitment to supporting national development priorities, promoting sustainable urban development and growth in the real estate sector, while empowering citizens and residents to achieve their homeownership aspirations through competitive financing solutions.
The event was held in the presence of H.E. Eng. Hamed Ali Al Nazwani, Undersecretary of the Ministry of Housing and Urban Planning for Housing, and Sheikh Waleed Khamis Al Hashar, Chief Executive Officer of Bank Muscat, alongside a number of Ministry officials and representatives of the partner real estate development companies.
The participating real estate development companies include: Musandam Global Investment, Al Daham Real Estate, Zain Real Estate Development, Al Massa Real Estate, Al Madina Real Estate, Tanfeedh Real Estate, Al Badi Investment Group, Joud Real Estate Development, Asawer Real Estate Development, Al Nama Real Estate, Tibiaan and Al Sarooj Development, bringing the total number of partnerships to 12 real estate development companies.
Sultan Haitham City is one of the most prominent national urban projects in the Sultanate of Oman. Located in the Wilayat of Seeb, Muscat Governorate, it embodies an integrated urban model developed across 8 projects that combine housing, services, green spaces and modern living. Alongside this, the Ministry of Housing and Urban Planning is implementing “Sorouh”, the National Integrated Residential Neighbourhoods Initiative, which comprises 33 projects across the Sultanate’s governorates. Together, the two projects form key pillars in the drive to expand home ownership and provide affordable, high-quality housing options.
Commenting on the occasion, Ahmed Faqir Al Bulushi, Deputy CEO – Banking at Bank Muscat, said: “These partnerships reflect the Bank’s steadfast commitment to supporting national development priorities. We are pleased to collaborate with a select group of real estate developers within Sultan Haitham City and the Sorouh Integrated Residential Neighbourhoods Initiative, further reinforcing the Bank’s position as a key financing partner within the Sultanate’s housing sector. Over more than four decades, the Bank has played an active role in shaping Oman’s urban landscape through a comprehensive range of banking facilities, most notably its “Baituna” home loan product. The Bank’s strong, long-standing relationships with major companies and real estate developers continue to grow, and today’s announcement opens new avenues of cooperation.”
Nasser Khamis Al Siyabi, Director General of Real Estate Development at the Ministry of Housing and Urban Planning, said: “This partnership is a model for cooperation between the banking and real estate sectors, supporting the objectives of Oman Vision 2040 relating to expanding home ownership. We value the Bank’s active role in supporting the Sultan Haitham City and Sorouh projects, which contributes to providing affordable financing solutions that help maximise the benefits of these national projects.”
These partnerships build on the active role played by Bank Muscat and Meethaq Islamic Banking in supporting the Sultanate’s housing sector, in line with the objectives of Oman Vision 2040 to expand home ownership and achieve sustainable urban development. The Bank reaffirms its continued commitment to developing innovative financing solutions that meet customer needs and support the national development journey.
Bank Muscat’s “Baituna” home loan product holds a well-established position as the first choice for those looking to build or purchase homes or residential land, offering flexible, competitive financing solutions designed to meet the diverse needs of its customers.
Meethaq Islamic Banking also offers home financing solutions that are fully compliant with Islamic Sharia principles, providing customers with financing of up to 80% of the property value and flexible tenors of up to 25 years, alongside a range of financing options covering both purchase and construction. This is complemented by simple, flexible and fast procedures for accessing financing through Meethaq’s extensive, fully integrated network across the Sultanate.
