Khasab – The Ministry of Housing and Urban Planning (MHUP) signed ten partnership and financing agreements on Monday with local banks to support the Palm Hills project in Musandam, in a move aimed at expanding homeownership and boosting demand for integrated residential developments.

Located in Khasab, the project involves investment exceeding RO70mn and is being developed under the ministry’s Surooh programme. Spread over 650,000sqm, it will include around 650 housing units.

According to MHUP, the project is expected to benefit nearly 70% of the applicants currently on the housing waiting list in Musandam.

The agreements were signed between Musandam WCT Development Company, the project developer, and a group of banks including Oman Housing Bank, Bank Dhofar and its Islamic window, National Bank of Oman, Bank Nizwa, Oman Arab Bank, Sohar International and Sohar Islamic. The signing ceremony was attended by H E Hamad bin Ali Al Nizwani, Undersecretary for Housing, and senior banking officials.

The ministry said the agreements provide structured financing solutions for citizens seeking to purchase homes in the development, facilitating access to credit through coordinated banking frameworks.

Raed bin Mohammed Al Shehhi, Chairman of Musandam WCT Development Company, said the partnerships pave the way for the project’s marketing and sales phase. “Construction will begin this year, and the range of financing partners will offer buyers flexible options,” he said.

Palm Hills is planned as an integrated urban development combining housing with service and commercial components. The masterplan includes villas, townhouses and apartments, in addition to a public university, business district, medical centre, mosque and other community facilities.

According to Nasser bin Khamis Al Siyabi, Director General of Real Estate Development at MHUP, the agreements strengthen the real estate financing framework and support demand for integrated housing projects.

The project is part of wider efforts to stimulate residential development in the governorates and improve access to housing through public-private partnerships.