Muscat – May 08, 2019

Bank Nizwa and Majan Development sign financing and banking facilities agreement

 Bank Nizwa and Majan Development sign financing and banking facilities agreement

Al Muzn Residences, one of Muscat’s most upscale real estate developments, is striving to ensure that their residential and commercial units are made easily accessible to potential buyers.

A financing and banking facilities agreement for the project has been signed between Bank Nizwa and Majan Development Company SAOC. It was signed by Arif Maqbool Al Zaabi, Assistant General Manager of Retail Banking at Bank Nizwa and Mohammed Abdullah Al Kindi, Chief Executive Officer of Majan Development Company, in the presence of Fahad Sultan Al Ismaili, Chief Executive Officer of tibiaan Properties, the exclusive agent for the project.

Arif Al Zaabi, Assistant General Manager of Retail Banking at Bank Nizwa, described the agreement as representing the starting point for establishing a strong business relationship with Majan Development Company, adding “the agreement will provide us with a platform to offer Shariah-compliant financing facilities to those who want to buy units in this project. This will make it possible for a large number of potential buyers to realize their dream of owning a residential unit in such a unique project. This of course falls in line with our goal of facilitating our customers’ needs by providing them with various forms of support. We are proud of our contribution to local development, as well as of the fact that we now play a significant part in the high quality services for which Majan Development’s projects are known.”

Mohammed Al Kindi went on to speak about Majan Development, saying that it had been working since its establishment to provide the real estate sector with quality real estate products in distinct locations, within close proximity to modern facilities and services.

 

He said that construction work on the project started several months ago and that units would be handed over to buyers by the end of the second quarter of 2020, stressing that everything is going according to plan. He affirmed that Majan Development is comfortable that the project would be completed on stressing that details of highest standards and specifications are locked after.He rounded off by saying “we attach great importance to details during the implementation of the project.”

 

Fahad Al Ismaili, CEO of Tibiaan Properties, spoke in detail about the project, explaining that it consists of 127 residential units and 13 commercial units, in addition to integrated facilities in the hanging garden and environmentally-friendly green spaces, a swimming pool and a gymnasium. He explained that the idea behind the provision of such facilities was to serve the well-being of residents. Al Ismaili went on to say that the project is located near Al Muzn Mall in North Al Mawaleh, three kilometres from Al Mouj and Muscat International Airport, in a key area that offers a variety of commercial, health and educational services.

Al Ismaili added that the financing agreement came as part of the project’s marketing initiative to facilitate purchasing options and to offer exceptional and unprecedented benefits to owners of either residential or commercial units at the project.

He pointed out that Tibiaan Properties has already opened its own sales points at Muscat Grand Mall and has marketed both inside and outside the Sultanate, which has helped open buyers up to the idea of purchasing. Al Ismaili emphasised that Al Muzn Residence is the first project of its kind to provide buyers with the chance to realise their dreams of owning a luxury residential unit in the heart of Muscat.

Al Muzn Residences is located adjacent to Al Mouj Muscat, in what is at present one of the fastest growing residential areas, with a vast number of options for shopping, in addition to hospitals, hotels, health clubs and entertainment venues. Unit prices for the project start at 38,200 Omani Rials