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Muscat Bank, Wave sign MoU

Muscat Bank, Wave sign MoU
Bank Muscat
BKMB
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The Wave Muscat and Bank Muscat signed a Memorandum of Understanding (MoU) for investments worth OMR 75 million ($194.8 million) to develop a mixed portfolio of real estate assets, managed by the bank’s Property Income Fund.


Bank Muscat has agreed, under the MoU, to purchase 230 residential apartments in 4 blocks for OMR 30 million.


The deal represents an important milestone in the development of the Omani real estate sector, Bank Muscat Chief Executive AbdulRazaq Ali Issa said, highlighting that the MoU aims to strengthen institutional participation in successful and sustainable real estate projects.


He added that the Fund’s first purchase is consistent with the bank’s strategy to offer investors a chance to participate in a relatively steady low risk investment with a healthy cash return over the long term.

 


Photo Credit: Arabianeye-Reuters