Muscat, 15 October 2023 – Oman Arab Bank (OAB) has announced the redemption of the Perpetual Subordinated Bonds (OAB PERPET. SUB OABB) on 14 September 2023 in MSX (Muscat Stock Exchange). The bonds for OMR 42.553 million were issued by the Bank on 17 October 2018, at an interest rate of 7.50% p.a. and listed on the MSX Bonds Market.

Sulaiman Ali Al Hinai, General Manager – Head of Wholesale Banking Group at Oman Arab Bank, said: “Oman Arab Bank has been working domestically, regionally and internationally on bonds offerings for many years, such as our successful completed the first issuance of AT1 Perpetual bonds of OMR 30 million on the 29^th of December, 2016, listed in the MSX. Upon the completion of this issuance, the capital position of the bank strengthened significantly and our ongoing work on such initiatives is continuing to make OAB’s position in the market ever stronger.”

He added: “We will continue to diversify funding sources and strive to attracting foreign direct investment in Oman, these successful redemptions underline our ability to service our obligations and enhance investor confidence.”

As per the terms and conditions of the OAB PERPET. SUB (OABB) bonds, the bank has issued an irrevocable notice to holders of these bonds on 14 September, 2023 that it will fully redeem all the bonds on the redemption date, 17 October, 2023, by paying the principal amount together with interest accrued for the period.

Post-redemption, the bonds will be delisted from the MSX Bonds Market. The process of transferring amounts to bondholders, based on investor records, will be carried out by the Muscat Clearing and Depository Company (MCDC).

May 17, 2023 – MUSCAT: Oman Arab Bank (OAB), Alizz Islamic Bank (AIB) and Oman Real Estate Investment Services (ORIS) have signed a joint agreement allowing customers to access a full range of financing solutions and competitive rates when purchasing property at new project La Vie in Muscat Hills.

Customers can now finance off-plan units via an OAB housing loan, with full details and terms available from OAB’s sales agents and branches. The agreement was signed by Mr. Sulaiman Al Harthi, CEO of OAB; Mr. Ali Al Mani, General Manager of AIB; and Engineer Nasser Al Shibli, Chief Real Estate Officer of ORIS.

The LA VIE project covers an area of around 640,000 square meters and features a natural golf course spanning 600,000 square meters, complete with 18 holes and a private club managed by the world-renowned golf management company ‘Troon.’

The project also comprises of residential, commercial, and tourism buildings with a built-up area of 64,000 square meters. The centerpiece of the development is an 80-room boutique hotel managed by TIVOLI, with the largest rooftop swimming pool in Muscat to date, providing panoramic views of the golf course. The Hotel will also provide a private health club, and spa operated by the world-leading brand ‘Anantara.’

TIVOLI will also manage 100 fully serviced branded apartments. The residential complex comprises of 8 independent luxury villas and 22 apartments, all offering spectacular views of the golf course  and Al Hajar Mountains. The project also includes approximately 2,800 square meters of retail space hosting a variety of international brands, some of which are new to the Omani market.

Sulaiman Al Harthi said: “This joint agreement will give prospective buyers increased financial flexibility when purchasing property at the outstanding new LA VIE development in Muscat Hills. We pride ourselves on the wide suite of financial products we offer to our customers, giving them an excellent range of options when making their most important purchases.

“I would like to extend my thanks to my colleagues at Alizz Islamic Bank and our counterparts at Oman Real Estate Investment Services (ORIS) for all their hard work to make this agreement possible. I look forward to working with them on this project and, I hope, many more in the future.”

Commenting on the agreement, Nasser Al Shibli said “We are delighted to collaborate with Oman Arab Bank and Alizz Islamic Bank to offer customers a comprehensive range of financing options and competitive rates when purchasing properties at LA VIE. Located in the heart of Muscat, this exceptional development offers a unique lifestyle experience and a range of amenities to its residents. Through this joint agreement, we aim to provide buyers with the necessary financial flexibility and convenience to purchase their dream home at LA VIE. We are confident that this partnership will contribute to the success of the project, and we look forward to exploring further opportunities for collaboration with both banks in the future.”

All inquiries related to the project, and interested individuals can visit the website www.lavie.om or call at +968 22186600 to book an appointment.

Muscat, March 13^th 2023 – With Ramadan on the horizon, Oman Arab Bank (OAB) customers can now rev their engines rather than budgets thanks to the bank’s new attractive car loan package. Offering the most competitive and affordable prices on some of the most desirable cars, the package – the first of its kind for the bank – features the best interest rates in the market, starting from 3.75 per cent per annum for two years.

In another first, financing is available for up to 10 years, for both new and pre-owned cars. OAB has also secured special agreements with car dealerships in the Sultanate for discounted rates on their best-selling cars, with a simple, transparent and easy-to-understand process. Credit card fees are also waived for the first year for new customers.

“With market-leading rates and our unique tie-ins with car dealerships, OAB’s first car loan package is responding to the needs of our customers and rewarding them with the best rates on the market, with unique additional benefits,” said Khalid Al Amri, Assistant General Manager & Head of Branch Banking, Retail Banking Division, at OAB. “A car is among the most important purchases our customers will make in their lifetimes and we want to be with them every step of the way, helping them to invest in their futures, while balancing their finances.”

Customers taking out the car loan package can also keep cool with the summer months approaching by availing a 65 per cent discount on window tinting and 35 per cent off other services from Car Lab.

To access the offer, which is available until 31 May 2023, customers need to have their salaries transferred to OAB. Customers can visit their nearest branch to apply. The bank has ensured that its car loan process is optimized for faster turnaround for customers.

For more information on the car loan package, including full rates and conditions, please visit www.oman-arabbank.com.