MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate and Oman Housing Bank (OHB), the Sultanate’s nodal housing finance institution,  have entered into a long term financing agreement. Under the agreement, Bank Muscat has committed to provide up to RO 50 million in long-term financing to support OHB’s core business of providing mortgage loans, especially to the low and medium-income group of Omani citizens. The agreement was signed by Sheikh Waleed K. Al Hashar, Chief Executive Officer, Bank Muscat, and Adnan Haider Darwish, General Manager, OHB at the Bank Muscat Head Office recently.

Sheikh Waleed K. Al Hashar, Chief Executive Officer, Bank Muscat, said: “This financing arrangement comes within the scope of joining hands with partners to achieve the highest value for the National Economy. The agreement is a clear indication of the availability of viable financing facilities in Oman. Bank Muscat is focused on playing a prominent supportive role in projects of national importance and also in supporting other institutions, which are also contributing to economic growth and development.”

Adnan Haider Darwish, General Manager, OHB, said: “Oman Housing Bank’s primary role is to make housing affordable for the Omani society. Towards this objective, OHB provides housing loans for the Omani citizens with a focus on low and middle income group, which contributes to the development of the housing sector in the Sultanate and boosts economic growth. In order to achieve its objectives, the Bank manages its financial needs from various lending institutions. We are happy with the support extended by Bank Muscat as it will enable us to contribute substantially to national economic priorities and development.”

Bank Muscat maintains a leadership position in corporate and institutional financing enabled by its deep expertise, innovative structuring capabilities and sound due diligence techniques, thus catering to long-term financing requirements of major projects in the Sultanate. The term-loan loan facility was facilitated by the Bank’s Wholesale Banking Group (WBG). WGB is a market leader in, Treasury, Investment Banking and Asset Management businesses.

OHB was established in 1977 with the aim of supporting the housing sector so as to achieve economic development and progress in the Sultanate. The Bank provides loans as well as banking facilities to individuals so as to help them own a home, especially for low and middle income citizens. OHB is a significant developmental pillar established by the Government with the aim of contributing to the development and renaissance of the country and its people. OHB currently has nine branches spread across different governorates in Oman.