The Ministry of Housing and Urban Planning, Oman signed 10 partnership and financing agreements between Musandam WCT Development Company – the developer executing “Tilal Al Nakheel” project – and a number of local banks. The agreements aim to provide integrated financing solutions that enable citizens to own housing units and enhance demand stability within integrated residential neighbourhood projects.
The agreements include the following banks: Oman Housing Bank, Dhofar Bank and Dhofar Islamic Bank, National Bank of Oman, Nizwa Bank, Oman Arab Bank, in addition to Sohar International and Sohar Islamic.
Raed Mohammed Al Shehhi, Chairman of the Board of Directors of Musandam WCT Development Company, stated that the signing of these agreements with several local banks represents a significant step for the success of “Tilal Al Nakheel” project and enhances its readiness to launch the marketing and sales phase in the near future. He noted that construction work on the project will commence during the current year.
He added that the diversity of financing partners allows for the provision of innovative solutions that enable citizens to own their housing units with ease, affirming that the project offers an integrated model of a modern urban environment that combines housing, services, and economic activities within a single framework.
For his part, Nasser Khamis Al Siyabi, Director General of Real Estate Development at the Ministry of Housing and Urban Planning, affirmed that these agreements represent a qualitative step in strengthening the integration of the housing finance system. They also contribute to facilitating the homeownership journey by providing flexible and diverse solutions, thereby supporting sustainable demand within integrated residential neighbourhood projects.
He added that “Tilal Al Nakheel” project, to be established in the Wilayat of Khasab in Musandam Governorate, is one of the leading projects under the “Surooh” Integrated Residential Neighbourhoods Programme. Covering an area of approximately 650,000 square metres, it will comprise around 650 housing units. Approximately 70% of the residents of the governorate who are on the waiting list of the Ministry of Housing and Urban Planning will benefit from the project, noting that the total investment cost exceeds RO 70 million.
