By Staff writer
Developer signs agreement with Islamic arm of Bank Muscat to raise funds for expansion of Muscat Grand Mall
Tilal Development Company said on Monday it has signed an agreement worth OR30 million ($77.9 million) to finance the expansion of Muscat Grand Mall and the Millennium Executive Apartments.
The deal with Bank Muscat Meethaq Islamic Banking was described as a "significant step forward" towards the development of Tilal's premier project - the Tilal Complex.
Abdul Rahman Barham, board member of Tilal Development Company, said: "Today marks a significant day for us as we sign this strategic collaboration. Following this financing agreement, we will be all set to undertake our development plans for the Tilal Complex.
"With the second phase of expansion, Muscat Grand Mall is adding additional space. The new growth plans also include doubling the parking space area and expanding the entertainment options," he said in a statement.
The mall, which currently has more than 140 shops, is part of the Tilal Complex, a mixed-use development which also features 250 freehold apartments, a four star hotel and a rooftop garden.
Sulaiman Al Harthy, group general manager, Meethaq Islamic Banking, added: "The financing agreement further reinforces Meethaq strategy to attract customers through innovative Shari'a based products and services.
"We recognise that retail and infrastructure developments support the city's growth outlook and further reinforce core economic sectors."
Hassan Jaboub, general manager of Tilal Development Company, said: "On completion of the next phase of the Mall, we are confident that not only will footfalls grow but Muscat Grand Mall will truly become the nucleus of all events and activities within Oman.
"With the added retail space, MGM will draw new and internationally prominent flagship stores of the world's most renowned brands, expanding the choices for our customers."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.