Sohar International, Al Mouj sign MoU for RO63mn credit facility

03/06/2025 03:57 AST

Sohar International and Al Mouj Muscat have signed a Memorandum of Understanding (MoU) for a strategic credit facility agreement valued at RO63mn to Al Mouj Muscat.

Structured as a combination of term and revolving loan facilities, the agreement provides Al Mouj Muscat with the financial flexibility to accelerate ongoing and future developments, enhance operational efficiency, and pursue strategic expansion.

This support will not only strengthen Al Mouj's diverse portfolio of residential, commercial, and hospitality assets but also enable the delivery of elevated experiences that meet the evolving expectations of its community, investors, and partners.

In a press statement, Abdulwahid al Murshidi, Chief Executive Officer of Sohar International, said, "At Sohar International, we take great pride in actively contributing to the sultanate's infrastructure development, which is central to Oman's broader national growth agenda. Our support for Al Mouj Muscat visionary project through this strategic credit facility reflects our commitment to empowering landmark initiatives that drive economic diversification and position Oman as a leading destination for investment and tourism."

Nasser al Sheibani, CEO of Al Mouj Muscat, said, "Since the inception of Al Mouj Muscat in 2006, we have shouldered a great responsibility to become Omans' premier waterfront development and also a benchmark project for integrated mix-use developments. This agreement with Sohar International is a testament to the strength of our financial position and a clear vote of confidence in our vision for the future of the project."

The credit facility also underscores the strength and maturity of Oman's banking sector, highlighting the power of national institutional collaboration in advancing economic diversification. With this agreement, Al Mouj Muscat reinforces its foundation to create long-term value and solidify its position as a dynamic hub for lifestyle, leisure, and investment in the sultanate.

Muscat Daily