Warba acquires Weatherford Oman property
Muscat, May 5, 2013
Kuwait-based Islamic lender Warba Bank said it has acquired the Muscat office building of leading oilfield services company Weatherford Middle East as part of its strategy to capitalise on unique investment opportunities in the region.
The new property is one of the notable successful investments made by Warba bank in various sectors proving the bank’s investment team ability to grasp regional and international opportunities, said a senior official.
Warba Bank invested in Muscat through acquiring this high quality, newly built office building ideally located in the north of Azaiba, just a few minutes from Muscat International Airport.
Hosam Nasser Al Muzaiel, the investment manager at Warba Bank, said: "The real estate sector in Muscat has seen strong growth since the end of last year, which shows that the investors have overcome the psychological effects of the economic crisis that overshadowed the Omani real estate market post-2008."
"Added to this, the latest study issued by the National Statistics Council of the Sultanate of Oman indicated that GDP grew by 13.1 per cent in the third quarter of 2012, which will have a positively impact on the Sultanate’s real estate sector," remarked Al Muzaiel.
"Against the backdrop of a recovering real estate market in the region, Warba Bank has acquired a high quality property in Oman, building on a number of recent successful investments by the bank," the top official said.
“This property has a several advantages, including its strategic location, strength and solvency of its tenant, high quality of finishing and modern construction, and a 10-year lease in place ensuring stable cash inflow over the long-term,” he added.-TradeArabia News Service