Bank Muscat and Al‑Mithaq Islamic Banking sign strategic partnerships with 12 developers for Sultan Haitham City and Sarouh projects
Bank Muscat and Al‑Mithaq Islamic Banking have signed strategic partnerships with twelve real‑estate development companies to finance projects in Sultan Haitham City and the national Sarouh integrated‑housing initiative. The announcement was made on 4 November 2026 and targets home‑buyers, investors and the broader Omani housing market.
In this story
At a glance
- What changes
- Bank Muscat and Al‑Mithaq Islamic Banking partner with 12 developers for new housing projects
- Timing
- Announced on 4 November 2026
- Who is affected
- Prospective home‑buyers, real‑estate investors and bank customers in Oman
The details
- Announced by
- Bank Muscat and Al‑Mithaq Islamic Banking in cooperation with the Ministry of Housing and Urban Planning
Partnership announcement
Bank Muscat and Al‑Mithaq Islamic Banking held a ceremony in Muscat to formalise strategic agreements with a group of real‑estate developers. The event was attended by the Deputy Minister of Housing and Urban Planning, Eng. Hamad bin Ali Al‑Nazwani, and Bank Muscat CEO Sheikh Waleed bin Khamis Al‑Hashar, among other officials.
- Twelve developers were named, including Masnad International Investment, Al‑Dahham Real Estate, Zain Development, Al‑Massa Real Estate, Al‑Madiina Real Estate, Al‑Tanfeez Real Estate, Al‑Badi Investment Group, Good Development, Asawer Development, Al‑Namaa Real Estate, Tibyan, and Al‑Saruoj Development.
Scope of the collaborations
The agreements focus on financing residential units within the Sultan Haitham City project in Seeb, Muscat, and the national Sarouh integrated‑housing initiative, which comprises 33 projects across the Sultanate. Both banks will provide competitive mortgage products, including the “Baytna” home‑finance loan from Bank Muscat and Sharia‑compliant financing from Al‑Mithaq.
- "Baytna" offers up to 25 years repayment and competitive interest rates
- Al‑Mithaq financing can cover up to 80 % of property value with flexible terms up to 25 years
Alignment with Vision 2040
The partnerships are presented as a model of public‑private cooperation aimed at achieving Oman Vision 2040 goals, particularly expanding home‑ownership and fostering sustainable urban development. Ministry officials highlighted the role of the collaborations in delivering high‑quality, affordable housing and stimulating the real‑estate sector.
- Supports the national target of increasing home‑ownership rates
- Encourages investment in modern, green urban environments
What this means for travellers
Trip planning
- Travelers planning visits to Sultan Haitham City can expect accelerated development timelines due to new financing arrangements
- No change to entry requirements or visa processes for visitors to Oman
Cost and documents
- Mortgage applicants will benefit from the existing "Baytna" loan terms; no new fees were announced
- Sharia‑compliant financing documents remain unchanged, with up to 80 % financing available
What you need to do
- Prospective buyers should contact Bank Muscat or Al‑Mithaq to inquire about the latest mortgage offers
- Investors interested in the 12 developer projects should request detailed financing proposals from the banks
Who this affects
-
Prospective home‑buyers in Oman
The new partnerships expand financing options for properties in Sultan Haitham City and Sarouh projects
What to do Can apply for the "Baytna" mortgage or Al‑Mithaq Sharia‑compliant loan under the announced terms
-
Real‑estate investors targeting Omani residential projects
Developers involved in the partnerships will receive bank support, influencing project timelines and financing conditions
What to do Should engage with the banks to secure funding for upcoming developments
-
Bank customers seeking home‑finance solutions
Both banks are promoting competitive mortgage products linked to the new developer network
What to do May compare the "Baytna" loan and Al‑Mithaq financing to choose the most suitable option
Frequently asked questions
What new financing options are available for buying a home in Sultan Haitham City?
Bank Muscat offers its "Baytna" mortgage with up to 25 years repayment and competitive rates, while Al‑Mithaq provides Sharia‑compliant loans covering up to 80 % of the property value, both supported by new partnerships with 12 developers.
Which developers are part of the Bank Muscat and Al‑Mithaq partnership?
The partnership includes Masnad International Investment, Al‑Dahham Real Estate, Zain Development, Al‑Massa Real Estate, Al‑Madiina Real Estate, Al‑Tanfeez Real Estate, Al‑Badi Investment Group, Good Development, Asawer Development, Al‑Namaa Real Estate, Tibyan and Al‑Saruoj Development.
How do these partnerships support Oman Vision 2040?
They aim to increase home‑ownership by providing affordable, flexible financing for large‑scale housing projects, aligning with Vision 2040’s goal of expanding residential ownership and sustainable urban growth.
Do I need new documents to apply for the "Baytna" loan after the partnership announcement?
No new documentation was announced; applicants continue to use the standard paperwork required for the "Baytna" mortgage, which includes proof of income, identity and property details.
Will the partnership affect visa or entry requirements for foreign investors in Oman?
The announcement does not mention any changes to visa or entry rules; travel and immigration procedures remain unchanged.
