Majan Gulf Properties - National Bank of Abu Dhabi hold financing signing ceremony

Majan Gulf Properties LLC (MGP), designers and developers of the ‘Sohar Residential and Commercial Project’, the largest groundbreaking real estate venture in the Wilayat of Sohar, announced their first project finance milestone to be partnered by the leading UAE bank, National Bank of Abu Dhabi (NBAD) at a project finance signing ceremony held in Muscat recently.

Speaking at the signing ceremony, Mr. Mohammad Al-Marzouqi, Chief Executive Officer, and co-founder of MGP remarked, “In tandem with the Industrial developments initiated by the government of Sultanate of Oman, we aim to develop Wilayat Sohar’s residential and commercial utilities to cope with the influx of new residents and visitors”.

While negotiations with several other local and international banks to fund the next stages of this massive project are ongoing, “Leading the charge is National Bank of Abu Dhabi which we highly appreciate. We also thank them for supporting this effort and partnering us in our endeavor”, he added.

The signing of the project financing is for part of the first component of this project, ‘The Springs Compound’ which is spread over a total area of 60,000 m2 comprising 106 luxury villas. The complete project includes the ‘Residential Villa Compounds’ which will encompass an array of 570 villas.

Commenting on the occasion, Mr. Ahmed Al Musalmi, Head of Operations and Business Development, NBAD, said, “We are extremely excited about our new partnership, and are confident that Majan Gulf Properties’ finely honed knowledge of the national and international markets, coupled with their experience and professionalism will contribute to the success of the luxurious Spring Villas Compound. This will also provide a huge impetus to the overall development of the Sohar Residential and Commercial Project”.

Further adding, Mr. Jayant Krishnaswami, Manager, Credit and Marketing, NBAD said, "The immense economic and social opportunity present in the development of this project is very tangible, and will help in bringing to the Wilayat of Sohar as well as the entire region the prosperity and growth it seeks to achieve."

The first phase of the Springs Compound construction that started on the 15th of October is on schedule and is slated to complete by the end of 2007. “Efforts are underway to market the project and to sell units in this first phase, with bookings opened by end of Q1 2007”, added Mr. Marzougi.

MGP has on the anvil a number of other landmark projects including Al Bustan Deluxe furnished apartments; ‘The Pearl’, an inspiring sea resort located in Mejis, Sohar; the 134,000 m2 Majan Logistics City facing the Sohar industrial zone, comprising a commercial and head quarters bay, a light industry bay, labor camps and catering facilities, etc; and the Khasab Family Resort in Musandam.

“The Wilayat of Sohar is distinguished by its huge potential as a highly promising commercial centre. These projects aim to act as a spearhead in the overall industrial revolution in the Wilayat of Sohar as well as to aid the initiatives of the government to increase tourism to the Sultanate”, explains Mr. Marzougi.