Al Argan Towell appoints BankMuscat as exclusive financial advisor

Al Argan Towell is a joint venture between Al Argan International Real Estate Company KSC and W.J.Towell Group. As per the financial advisory agreement, BankMuscat Investment Banking division will provide financial advisory services including raising equity and debt for the Company as well as for its various projects.

Commenting on the agreement, Mr. Ali Hassan Moosa - General Manager, Al Argan Towell, said:

"We have appointed BankMuscat as our financial advisor to partner with us in our growth and help us achieve our business goals. We are impressed by their credentials as one of the top global financial advisory service providers and their unrivalled reputation of handling some of the most complex transactions in this region. We are proud to partner with a leading financial advisor in the region who is capable of adding value through partnership."

Al Argan Towell continues to be associated with prestigious real estate projects in Oman. Having successfully completed two affordable residential projects in Muscat - Al Hail Homes and Mawaleh Villas - the company is now developing Qurm Gardens, a premium residential and commercial complex located opposite to Qurm Natural Park, expected to be ready by early 2010.

Al Argan Towell is also developing the Oberoi Resort Al Khiran, which includes 82 chalets and a world class spa facility at Al Khiran Bay. Another project in the pipeline is Barka Resort, a mixed-used master planned development. Al Argan Towell is also in the process of developing Barka Community which consists of affordable housing units along with commercial space, at a prime location in Barka.

Winner of prestigious awards, including the "Best Residential Developer Award 2005" from Euromoney, the "Best Developer in Oman - 2006" from Islamic Real Estate Finance (IREF), and the CNBC award in 2007 for the "Best Architecture" for the prestigious Qurm Gardens project, Al Argan Towell is committed to premium real estate developments in Oman.

BankMuscat's Investment Banking Unit is an 18-member strong team with over 100 years of collective experience, having successfully advised transactions in excess of $7.6bn over the last three years across sectors. Notably, in advisory mandates won in H1 2008, BankMuscat's Investment Banking unit was ranked 20th globally, 3rd in Africa & Middle East and 3rd in the oil and gas sector globally, according to Infrastructure Journal.

It has advised leading corporations in Oman, Bahrain, the UAE, Botswana, Jordan, Saudi Arabia and India, cementing its position as one of the most versatile and well equipped team in the region to handle complex transactions in the advisory and fund raising space.

It has extensive experience in capital markets, both private and public offerings, and has advised and managed transactions for some of the most prestigious corporations in the region including Government of Oman, the Government of Jordan, Government of Botswana, Omantel, Dhofar Power, JK Cement, Octal Holding, OHI, Al Kamil Power, Sohar Power, Oman Investment Corporation, Zubair Corporation, AES Barka, Taageer Finance and Al Omaniya.