Sharjah Islamic Bank announces 10% acquisition of Oman's Majan Development Company

Majan Development Company is an Omani and Gulf investment company valued at over OR40m and is working on the purchasing, development, rental, and sale of real estate in addition to establishing and managing real estate funds within and outside of the Sultanate.

They also offer real estate management and real estate consulting services.

"This step has come as a result of the Bank's strategic policy to diversify its sources of income through the expansion of foreign investments.

The demand for real estate in the Sultanate is currently on an upward swing, indicating a brilliant future for Omani real estate in the coming years."

Mr. Amiri.

He went on to explain that this is one of the most important reasons and motives for Sharjah Islamic Bank's investment in Omam, as was confirmed by a feasibility study carried out by the Bank's investment group, which yielded positive results with regard to the Omani real estate market.

Amiri also noted that Sharjah Islamic Bank is looking to pursue alternate investment opportunities in the Oman within targeted sectors including the tourism and commercial sectors, as well as the residential sector.

The 10% acquisition of Majan is only a preliminary step in the real estate sector of the Sultanate of Oman. Amiri commented, "we are expecting this initial phase to be followed with bigger investments in alternate sectors like the financial, industrial and tourist sectors and other vital sectors, not just in Gulf region but globally as well."

Majan Development Company and Sharjah Islamic Bank have the support of major contributors including Gulf Investment House (GIH), Pension Fund of Oman's Ministry of Defense, Real Estate Trading Company, the Public Authority for Social Insurance, Oman-UAE Investment Holding Company, Oman Cement Company, and the Pension Fund of the Royal Guard of Oman.