Omani banks sign $275m deal to finance phase 1 of mega project

Saraya Bandar Jissah, the company developing Oman's integrated tourism complex (ITC) in Muscat, has partnered with Bank Muscat and BankDhofar to finance development of the project.

The agreement is valued at $275 million and will finance the first phase of the mega development, a statement said.

The first phase of Saraya Bandar Jissah comprises two beachfront Jumeirah Group hotels, three exclusive residential zones - Zaha, Nameer and Wajd, recreational facilities and staff accommodation.

The agreement was signed by Sheikh Hamood bin Sultan al Hosani, CEO of Saraya Bandar Jissah, AbdulRazak Ali Issa, CEO of Bank Muscat, and Abdul Hakeem Al Ojaili, acting CEO of BankDhofar.

Sheikh Hamood said: "The agreement between Saraya Bandar Jissah, Bank Muscat and BankDhofar - the largest banks in the Sultanate, is of great strategic importance. The development agreement with the two banks provides an ironclad guarantee to our customers that their properties will be delivered within the stipulated deadline irrespective of the market dynamics.

"Our partnership with the local banking community will help potential buyers envision their dream home, and help make it a reality."

Saraya Bandar Jissah will be home to 398 residential units, hilltop villas, town-houses and luxury apartments - all with waterfront and mountainside views.

Scheduled to open in 2017, the two hotels form the major leisure components of Saraya Bandar Jissah.

The destination is being built on 2.2 million sq m of land with an expansive beachfront and a high point of 250m above sea level.