MUSCAT: The Ministry of Housing and Urban Planning has signed 10 partnership and financing agreements for the “Palm Hills” project in Musandam Governorate, marking a step forward in expanding homeownership options and strengthening demand for integrated residential developments.
The agreements, concluded between Musandam WCT Development Company — the project developer — and a group of local banks, provide integrated financing solutions to facilitate access to housing. Participating institutions include Oman Housing Bank, Bank Dhofar, Bank Dhofar Islamic, National Bank of Oman, Bank Nizwa, Oman Arab Bank, Sohar International and Sohar Islamic.
Raed bin Mohammed bin Abdullah al Shehhi, Chairman of the Board of Directors of Musandam WCT Development Company, said the agreements enhance the project’s readiness to move into the marketing and sales phase, with construction scheduled to begin this year. He noted that the range of financing partners enables the delivery of flexible and innovative solutions, supporting citizens in securing residential units within a modern, integrated urban setting.
The development will feature a comprehensive mix of facilities, including a government university, central business district, medical centre, mosque and community amenities, alongside commercial, leisure and sports infrastructure. Housing options will range from villas and townhouses to apartments, designed to meet contemporary living standards.
Nasser bin Khamis al Siyabi, Director-General of Real Estate Development at the Ministry of Housing and Urban Planning, said the agreements strengthen the real estate financing ecosystem and support sustainable demand. He added that the Tilal Al-Nakheel project in Khasab, part of the Sorouh programme, spans around 650,000 square metres and will deliver about 650 units at a cost exceeding RO70 million, benefiting a significant share of citizens on housing waiting lists.
The signing was attended by Hamad bin Ali al Nizwani, Under-Secretary of the Ministry of Housing and Urban Planning, along with senior banking executives. — ONA
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