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The Sustainable City – Yiti Signs Escrow Agreement with Sohar Islamic – MENAFN.COM

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(MENAFN– Weber Shandwick) The Sustainable City – Yiti, set to be the first fully sustainable community in Oman, has signed today a Memorandum of Understanding with Sohar Islamic Bank to open an Escrow Account for the newly launched master planned project in the capital city of Muscat.

This agreement was made in abidance by the Sultanate’s Royal Decree No. 30/2018, aimed to protect developers’ funds. In light of that, The Sustainable City Yiti can now offer Escrow services for the buyers of its upcoming 1657 residential units – including 300 eco-friendly and energy-efficient villas, 1225 apartments, and 132 luxury serviced apartments.

The agreement was signed by Mr. Hashil Bin Obaid Al Mahrougi, Chairman of Sustainable Development and Investment Company (SDIC), and Mr. Abdul Wahid Bin Mohammed Al Murshidi, Chief Islamic Banking Officer, Sohar Islamic. The ceremony was also attended by key stakeholders from OMRAN Group, Diamond Developers and Sohar Islamic.

Commenting on this partnership, Mr. Hashil Al Mahrouqi, Chairman of (SDIC), said: “With an investment value of nearly one billion US dollars, this project marks a unique milestone in our journey as we continue to invest, develop, and maximize the limitless potential of Oman’s tourism sector. We are committed to working with our partners to ensure the smoothest experience for our buyers and investors. Our agreement with Sohar Islamic, one of the leading financial institutions in the country, not only protects customers but assists in attracting investors to Oman’s real estate market.”

Mr. Abdul Wahid Al Murshidi, Chief Islamic Banking Officer, Sohar Islamic, said: “We always aspire to collaborate with key strategic partners in the development space. This agreement was a result of a very detailed dialogue and requirements definition exercise between the teams from both sides, and we are delighted to be offering bespoke services to The Sustainable City – Yiti buyers and to support the property sector and the overall economic growth of the Sultanate.”

The Sustainable City – Yiti project is a partnership between OMRAN Group, the executive arm of the Sultanate for developing the tourism sector, and Diamond Developers – the leading company in developing sustainable communities. The project will be the largest operational sustainable community in the region, designed to deliver measurable outcomes across the three pillars of sustainability: social, environmental, and economic, and will achieve net-zero carbon targets by 2040.


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