Al Mawj Muscat project board has signed an understanding agreement with Muscat Bank to open the door for the properties income fund in bank to develop a number of real estate assets in Al Mawj project.
Bank Muscat, according to the agreement, will purchase around 230 apartments scattered around 4 residential compounds worth 30 million OAR as a first stage of the whole agreed investment plan worth 75 million OAR.
Abd El Razeq Eissa, the executive chairman of Muscat Bank, mentioned that the recent agreement is integrated in the bank’s comprehensive strategy aiming for participating in sustainable investments through contributing in successful real estate projects.
Howazen Esper, executive chairman of Al Mawj Muscat, said that the agreement is an important step towards augmenting the institutional investments. He mentioned also that the agreement will speed up the working pace in the project and will attract more investors who look for living and investing in Al Mawj.