BankDhofar has entered into a strategic agreement with Musandam WCT Development to provide structured financing for the prestigious Palm Hills project in Khasab. Signed by Ahmed bin Said Al Ibrahim, Chief Retail and Government Banking Officer, the partnership supports the Ministry of Housing and Urban Planning’s Surooh initiative, which fosters integrated residential neighborhoods through public-private collaboration.
The agreement was signed on behalf of BankDhofar by Ahmed bin Said Al Ibrahim, Chief Retail and Government banking officer, during a ceremony held in the presence of His Excellency Eng Hamed bin Ali Al Nizwani, Undersecretary of the Ministry of Housing and Urban Planning. The partnership aligns with the Ministry’s Surooh initiative, which aims to promote integrated residential neighbourhoods through public-private collaboration.
Project Overview: Palm Hills
The Palm Hills development is a landmark investment, located in Khasab exceeding RO 70 million, designed to transform the urban landscape of the Musandam Governorate. Key highlights comprises of:
- Scale & Scope: Spanning 650,000 square meters, the masterplan features approximately 650 residential units, including villas, townhouses, and apartments.
- Integrated Living: The community will house a public university, a dedicated business district, a medical center, and a mosque.
- Timeline: Construction is scheduled to commence within the current year.
Tailored Financing Solutions
As a key financial partner, BankDhofar offers competitive, flexible credit frameworks to assist Omani citizens in securing their homes. The bank’s involvement ensures:
- Streamlined Access: Simplified approval processes and expert advisory services for prospective homeowners.
- Digital Integration: A blend of personalized service and digital application channels to enhance accessibility.
- Diverse Options: Financing structures tailored to various customer segments across both conventional and Islamic banking.
National Economic Impact
This collaboration aligns with Oman’s national objectives to stimulate regional real estate growth and improve housing quality. By bridging the gap between developers and citizens, BankDhofar continues to play a pivotal role in the Sultanate’s broader economic development and the success of government-backed housing initiatives.
