The Oman Ministry of Housing and Urban Planning has announced the signing of 10 strategic partnership and financing agreements between Musandam WCT Development Company, the developer of the ‘Palm Hills’ residential project, and several leading local banks.
The initiative aims to provide integrated financing solutions that enable citizens to own housing units while strengthening sustainable demand within planned residential communities.
The agreements include participation from Oman Housing Bank, Bank Dhofar and Bank Dhofar Islamic, National Bank of Oman, Bank Nizwa, Oman Arab Bank, as well as Sohar International and Sohar Islamic.
The signing ceremony was attended by HE Engineer Hamad bin Ali Al-Nizwani, Undersecretary of the Ministry of Housing and Urban Planning for Housing, along with chief executive officers of participating banks and financial institutions.
Raed bin Mohammed bin Abdullah Al Shehhi, Chairman of Musandam WCT Development Company, said that, “These agreements mark a significant milestone in advancing the ‘Palm Hills’ project. The partnerships enhance the project’s readiness for its upcoming marketing and sales phase, with construction scheduled to commence within the current year. The involvement of multiple financial institutions enables the development of flexible and innovative financing solutions, thereby facilitating easier home ownership for citizens. The project represents a comprehensive urban model integrating housing, services, and economic activities within a single development framework.”
Image via ONA | Cropped by GBN
The ‘Palm Hills’ has been designed as a fully integrated residential environment, incorporating key facilities such as a government university, central business district, medical center, mosque, and public council.
The development will also feature commercial, recreational, and sports amenities, alongside a range of residential options including villas, townhouses, and apartments, all designed in line with modern architectural standards focused on quality of life and service integration.
Nasser bin Khamis Al-Siyabi, Director General of Real Estate Development at the Ministry of Housing and Urban Planning, stated that the agreements represent a qualitative advancement in strengthening the real estate financing ecosystem.
Al-Siyabi noted that the initiative will ease access to home ownership through flexible financing mechanisms, thereby supporting sustained demand in integrated residential neighborhood projects.
Nasser bin Khamis Al-Siyabi added that the ‘Palm Hills’ project, located in the state of Khasab in Musandam Governorate, forms part of the ministry’s ‘Surooh’ integrated residential neighborhoods program.
Spanning approximately 650,000 square meters, the project will include around 650 housing units and is expected to benefit nearly 70 percent of eligible citizens on the ministry’s housing waiting list in the governorate. The total investment cost exceeds $182 million (70 million Omani riyals).
