19.11.2012 - Tilal Development Company announces first Sukuk in Oman towards expansion of Muscat Grand Mall
Tilal Development Company, the Sultanate's leading real estate firm that has been credited with the inception of the ground breaking Muscat Grand Mall project, announces its intention to raise OR53m by way of Islamic debt instrument or sukuk, which will be the first such issue in Oman in order to put into motion plans for expansion of the complex that houses Muscat Grand Mall. Commenting on this historic announcement, Hassan Jaboub, General Manager of Tilal Development Company 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 commented, "67,000 square metres 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." (Press Release)