Top four financial institutions to provide credit facility worth OMR 140 million to The Wave, Muscat

Press release
Published November 1st, 2011 - 12:47 GMT

A credit facility agreement worth one hundred and forty million riyals was signed between The Wave, Muscat and four of the leading financial institutions in the Sultanate at the Golf Academy at The Wave, Muscat. The agreement with BankMuscat, Bank Sohar, Bank Dhofar and Oman International Bank is designed to support the project’s insurmountable potential to become a premier destination in the heart of Muscat.   

The capital injected will leverage The Wave, Muscat’s financial flexibility to capitalize on quality living and lifestyle offerings given Oman’s rich heritage and cultural. “Our longstanding relationship with these national banks and solid government backing bolsters The Wave, Muscat’s market stability and investor confidence not only as a residential property but as a fully integrated, master planned community. This partnership is a united stance to promote Oman as a niche tourist destination,” said Michael Lenarduzzi, CEO of The Wave, Muscat. 

“Since breaking ground in 2004, we have shouldered a great responsibility to set new industry benchmarks as the first ITC in the Sultanate, and establish a prototype for urban development. The credit facility of one hundred and forty million omani riyals will augment our portfolio of product and services that cater to local and international homebuyers’ needs,” he concluded. 

Last week, The Wave, Muscat unveiled its latest residential development, Almeria East which complements its already growing retail precinct and 400-berth marina and Oman’s first 18 hole green links golf course. 

Background Information

The Wave, Muscat

Al Mouj Muscat is a mixed-use waterfront development in Oman that is a class apart and has no comparable competition. The award-winning master plan defines a luxury lifestyle and leisure destination in the heart of Muscat that naturally connects people, businesses and cultures to create a thriving community that is positively integrated with a sustainable environment. Al Mouj Muscat's high-quality assets include a marina, a golf course and club, international hotels, and residential and retail projects.

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