Bank Muscat signs agreement for Mall of Oman project

Anticipated to open in 2020, the Mall of Oman will be the largest shopping mall in the sultanate and offer 350 stores across 137,000sq m of area

Bank Muscat, the flagship financial services provider in the sultanate, and Majid al Futtaim Properties signed a term finance agreement for the Mall of Oman project. Anticipated to open in 2020, the Mall of Oman will be the largest shopping mall in the sultanate. Bank Muscat is offering exclusive financing facility for development of the Mall of Oman project.

The agreement was signed by Abdullah al Hinai, general manager – wholesale banking on behalf of Bank Muscat and Shrimati Damal, chief financial officer - Majid al Futtaim Holding. The ceremony was attended by Waleed al Hashar, deputy chief executive officer of Bank Muscat, and senior management team members of Bank Muscat and of Majid al Futtaim, a press release said.

Commenting on the agreement, Hinai said: “Bank Muscat is proud to successfully close the long-term financing facility with Majid al Futtaim Properties for the prestigious Mall of Oman project. The financing agreement comes within the scope of joining hands with partners to achieve the highest value for the national economy. The agreement is a clear indication of the availability of viable financing facilities in Oman. Bank Muscat is focused on playing a prominent support- ive role in projects of national importance and the association with the Mall of Oman project will further strengthen this approach.”

Hinai added: “The successful closure of the term loan facility for Majid al Futtaim’s Mall of Oman project underscores the bank’s unique capability to handle complex financial deals in the prevailing economic situation. Bank Muscat is proud to be exclusively associated with the project’s financial requirements. Our business relationship has grown over the years and we look forward to further strengthening mutually beneficial relations.”

The Mall of Oman will offer 350 stores across 137,000sqm of gross leasable area including ‘firsts’ such as Oman’s largest snow-park, with an 8,000sqm play area, and a Little Explorers edutainment centre. It will also include the sultanate’s largest VOX cinemas and Magic Planet family entertainment centre, as well as a 12,200sqm Carrefour Hypermarket.

In the corporate financing sector, Bank Muscat maintains leadership position, enabled by its deep expertise and sound due diligence techniques, thus catering to long-term financing requirements of major projects in the sultanate.