MUSCAT – Oman Tourism Development Company (OMRAN Group) and Alizz Islamic Bank, announced the signing of a memorandum of understanding (MoU) to establish a strategic financial partnership related to development for Commercial Building No. 1 in the Business Park at Madinat Al Irfan (East).
OMRAN Group, the master developer of the project, reiterated its commitment to developing the Business Park to become a vibrant destination for business and innovation, hosting the headquarters of various institutions.
The event, attended by industry leaders, investors, and media representatives, underscored the partnership’s shared objectives to highlight the development’s uniqueness, elevate awareness around the Business Park, and attract investors for the enhancement of the masterplan of Madinat Al Irfan.
Dr Hashil Al Mahrouqi, CEO of OMRAN Group, and Ali Al Mani, CEO of Alizz Islamic Bank, delivered speeches, highlighting the synergetic objectives to reinforce Oman’s tourism and economic sectors through this strategic endeavour.
Al Mahrouqi articulated, “This collaboration with Alizz Islamic Bank is a stride towards realising our vision at OMRAN Group – to transform landscapes into vibrant, sustainable environments contributing significantly to Oman’s social, economic, and environmental prosperity. The Group has a rich record of leading tourism projects and assets, and is working to stimulate investment by building strategic partnerships with investors to contribute to the creation of sustainable social and economic benefits.”
Emphasising the impact of the partnership, the CEO of Alizz Islamic Bank, Ali Al Mani, remarked, “Aligning with our dedication to support projects of substantial national value, this alliance with OMRAN Group represents a crucial milestone in our journey towards contributing to Oman’s flourishing future, rooted in innovation and sustainability.”
The ceremony also featured a detailed presentation discussing the vision of the Business Park in Madinat Al Irfan (East), and the ambitious plans that will contribute to making it a leading destination for innovation, opportunities, and growth in Muscat.
The event included a demonstration of augmented reality technology and allowed attendees to tour Commercial Building No. 1 to witness the progress of work in the building and its engineering and technological advantages. It is expected that this project will be completed by 2025, and it is anticipated to house the headquarters of the OMRAN Group as well as many other leading entities.
The Business Park is expected to catalyse further investment, driving the development of additional buildings, and establishing the Business Park’s status as a beacon for business and investment in Oman. The collaboration aligns with both entities’ visions of contributing to Oman’s unique set of businesses of opportunity, innovation, and cultural reverence.
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