Bank Muscat, NBO and Towell Piramal join hands to form a new real estate company

Bank Muscat and NBO are the two largest banks in the Sultanate rendering tireless service towards the country's growth whereas WJ Towell is one of the oldest and most respected business houses in Oman which through its diversified range of activities touches the life of almost every resident in the country.

OUDC aims to bring about a paradigm shift in the Oman real estate industry by being an active participant in the economic progression of the Sultanate under the wise leadership of His Majesty, Sultan Qaboos Bin Said.

OUDC would be providing bespoke solutions catering to the development needs of the country covering the entire spectrum from budget to luxury accommodation, warehousing and industrial complexes, mass accommodation, themed and mixed use developments.

"This tie up is the first of its kind in Oman and we are very proud as a group to be involved in this venture,"

says Mr. Hussain Jawad, Chairman, W.J.Towell Group.

The signing of the Shareholders agreement was held recently at Bait Towell in Athaiba. The event was attended by Mr. Hussain Jawad, Chairman, W.J.Towell Group, Mr. Abdul Razak Ali Issa, CEO, Bank Muscat, Mr. David Murray Sims, CEO, National Bank of Oman and Mr. Khusru Jijina, MD Piramal Sunteck, India and other officials.

W.J.Towell has been a pioneer in real estate development in Oman and Mr. Ivor Braganza, CEO of W.J.Towell Property & Construction mentioned on this occasion that W J Towell has been in this industry for almost three decades and now it strives to deliver quality projects through its strong backward integration by partnering architects, sourcing company and furniture leasing business.

This would bring a unique perspective to OUDC enabling the company to reach greater heights in the coming years. Mr Abdul Razak, CEO of Bank Muscat expressed his happiness and wished the Company continued success.

The new company will be managed by Towell Piramal Sunteck Co. L.L.C., which is a joint venture between W.J.Towell and Piramal Sunteck, a real estate development company from India.

"It is our first time in the region and this partnership looks very promising and would reach great heights and transform the real estate industry in the Sultanate," says Mr. Khushru Jijina, MD, Piramal Sunteck.

The Company is looking to enter into different segment of the Industry starting from Warehousing, Commercial development, Mass residential projects, Tourism related projects and even affordable housing.

The Company plans to launch its first project shortly. With this joint venture the company aspires to revolutionize the real estate industry by bringing in projects with innovative design and quality.