Oman International Bank (OIB) has signed a major mortgage finance agreement with Muriya Tourism Development Company that would provide attractive financial opportunities to Muriya’s customers to purchase property, villas and apartments in Oman. The agreement was signed between Cyril Piaia, chief executive officer of Muriya and Douglas Emmett, general manager of OIB.

The agreement will enable Muriya customers to avail loans for a maximum amount of RO350,000. Other benefits include free credit cards, fixed interest rate on overdrafts, preferential rates on fixed deposits and finer rates on insurance.

On the occasion, Douglas Emmett stated, “In response to the buoyant real estate market, we have initiated a new housing loan scheme for tourism companies to assist customers financially thereby promoting tourism development companies. We are proud to join hands with Muriya Tourism Development and look forward to assisting them with our best services.”

OIB, founded on January 1, 1984, was the first commercial bank in Oman owned 100 per cent by Omani nationals.

With a dedicated workforce of over 935 employees, OIB has 82 branches and a network of 104 ATMs in Oman with international operations in India and Pakistan.

Since the inception of the company in 2006, Muriya has launched two prestigious real estate projects in the Sultanate in upcoming destinations — Salalah and Jebel Sifah. The company is investing over $900 million in four major projects in Oman — Salalah Beach, Jebel Sifah, a city complex in Muscat, and Al Sodah Island.

Muriya Tourism Development Company is a joint venture company of Egypt’s Orascom Hotels & Development with 70 per cent stake, and the Omani government represented by Omran holding the rest of 30 per cent.