MUSCAT: Shaza Oman has signed an agreement with BankDhofar’s Islamic window, Maisarah Islamic Banking Services, to finance the construction of its flagship five-star hotel in Muscat.
The agreement was signed by Abdul Hakeem al Ojaili, acting CEO of BankDhofar; Eng Abdul Rahman Ba Omar, CEO of Al Madina Real Estate; and Eng Mohammad al Ghassani, CEO of Glorei.
The signing ceremony was also attended by Eng Khamis Mubarak al Kiyumi, chairman of Shaza Muscat; Sohail Niazi, chief islamic banking officer, Maisarah; and a number of officials from both sides, a Maisarah press release said on Sunday.
As per the agreement, Maisarah is to finance the five-star hotel that is currently being constructed by Shaza Oman Co SAOC. The project is located in Al Khuwayr, adjacent to the Muscat Grand Mall (MGM). The hotel comprises standard rooms, executive rooms, suites, ballroom, themed restaurants, among other facilities. The hotel is to be managed by Millennium & Copthorne Hotels and is scheduled for a soft launch in December this year.
Faisal al Tamimi, head of wholesale banking at Maisarah, said, “We, at Maisarah, continue to be the leading provider of Sharia’a-compliant products and services. This agreement comes as part of our broader strategic plan and continuous efforts and to provide tailored financial solutions to our diverse customer base.”
