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Message: BankMuscat, NBO, Towell Piramal form new real estate company

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BankMuscat, NBO, Towell Piramal form new real estate company

posted on Jun 28, 09 05:01PM

I wonder if this is going to be our project. Sure would be nice!

BankMuscat, NBO, Towell Piramal form new real estate company

MUSCAT — BankMuscat, ing delivered quality projects through strong backwaNational Bank of Oman (NBO) and Towell Piramal have joined hands to form a new real estate company, Oman Urban Development Company LLC (OUDC). OUDC aims to bring about a paradigm shift in the Oman real estate industry by providing bespoke solutions ranging from budget to luxury accommodation, warehousing and industrial complexes, mass accommodation, themed mixed use developments. The signing of the shareholders agreement was held recently at Bait Towell in Al Athaiba.

The event was attended by Hussain Jawad, Chairman, W J Towell Group, Abdul Razak Ali Issa, CEO, BankMuscat, David Murray Sims, CEO, National Bank of Oman and Khushru Jijina, MD Piramal Sunteck, India and other officials. “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,” said Hussain Jawad, Chairman, W J Towell Group.

Ivor Braganza, CEO of W J Towell Property & Construction, described W J Towell as a pioneer in real estate development in Oman, havrd integration by partnering architects, sourcing companies and the furniture leasing business. This legacy will bring a unique perspective to OUDC enabling the company to reach greater heights in the coming years, he said.

The new company will be managed by Towell Piramal Sunteck Co LLC, 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,” said Khushru Jijina of Piramal Sunteck. The Company is looking to enter into different segments of the industry, encompassing warehousing, commercial development, mass residential projects, tourism related projects and even affordable housing. The company plans to launch its first project shortly.