Tilal Development Company, the real-estate firm that has been credited with the inception of the Muscat Grand Mall (MGM) project, announced its intention to raise RO53mn by way of sukuk.
The first such issue of sukuk - an Islamic debt instrument - in Oman will put into motion plans for expansion of the complex that houses MGM, a press release said.
Commenting on this announcement, Hassan Jaboub, general manager of Tilal Development, said, “These are very exciting times for us. The Muscat Grand Mall, our finest venture has seen unparalleled success and it is only natural for us to move forward the expansion way,”
Discussing the instrument, Jaboub said, “67,000 sq m of shopping area at Muscat Grand Mall are fully leased and already operational. Additionally, owing to demand and market interest in our project, the expansion was an effortless decision.
"Towards the same, we are also glad to be pioneering the sukuk market in Oman and hope that it will grow exponentially here from.”
Tilal Development is a special purpose vehicle (SPV) formed by Al Madina Group to execute real-estate projects in the sultanate. Since its inception, it has seen widespread success with regard to its commercial projects and residential ventures, building a strong reputation for itself within the development industry.