Bank Muscat to finance Majid Al Futtaim's Mall of Oman project
Muscat: Bank Muscat, the leading financial institution 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. Bank Muscat is offering exclusive financing facility for development of the Mall of Oman project
“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,” Abdullah Al Hinai said:
“The agreement is a clear indication of the availability of viable financing facilities in Oman. Bank Muscat is focused on playing a prominent supportive role in projects of national importance and the association with the Mall of Oman project will further strengthen this approach,” he 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,” he said.
The Mall of Oman will offer 350 stores across 137,000 square metres of gross leasable area including ‘firsts’ such as Oman’s largest snow-park, with an 8,000 sqm 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 12,200 sqm Carrefour Hypermarket.
In the corporate financing sector, Bank Muscat maintains leadership position, enabled by its deep expertise, innovative structuring capabilities and sound due diligence techniques, thus catering to long-term financing requirements of major projects in the Sultanate.