MUSCAT: Oman Arab Bank (OAB) and the Ministry of Housing and Urban Planning have signed a home financing agreement to provide competitive loan rates for the first 100 home owners in Sultan Haitham City. The agreement was signed by Dr Khalfan al Shueili, Minister of Housing and Urban Planning, and Sulaiman al Hinai, Head of Wholesale Banking Group at OAB. Through the agreement, the bank will provide flexible loans at reduced rates to customers who wish to purchase homes in the first phase of the city of the future, named for His Majesty Sultan Haitham bin Tarik.
Sulaiman al Harthi, CEO of Oman Arab Bank, said: “This agreement is a first step in our efforts to enable customers to own a home and live a sustainable and comfortable life in Sultan Haitham City. We aim to make homeownership at the groundbreaking futuristic urban landmark development more accessible and affordable.”
He went on to add, “The project is one of many strategic developments the bank has partnered with in its efforts to play a bigger role in the economic growth of the country. In fact, the city not only reflects key pillars within Oman’s Vision 2040 goals, but also embraces an inclusive architectural vision for generations to come.”
The city, which was inaugurated by His Majesty in May, will represent a new model for smart, sustainable cities. It is planned to cover an area of approximately 14.8 million square meters, with 2.9 million square meters of green spaces, and house 100,000 residents in 20,000 residential units.
A partner in Oman’s journey of growth and development for 50 years, OAB has set a course to drive further growth underpinned by digitalisation. Today, OAB is dedicated to catalyzing positive change in the sector and across the Sultanate’s economy, using the latest technology and innovative partnerships to embrace opportunities and push forward the industry, as it enters a new chapter in its history in Oman.
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