The investment objective of Izdihar Fund is centred on delivering sustainable and attractive long term returns to investors through investment in income generating, well-tenanted, marquee assets in the Sultanate and the GCC
Bank Muscat Drives Growth with Landmark Real Estate Transaction in the GCC
Muscat: As a leading financial services provider in Oman, Bank Muscat continues to demonstrate its exceptional capabilities in managing significant investment transactions across Oman and the GCC.
In a recent milestone, the bank announced the successful sale of Emaar Business Park – Building 3, a prime multi-tenanted Grade-A commercial property located on Sheikh Zayed Road in Dubai, UAE. The sale, managed through the Izdihar Real Estate Fund, has delivered impressive returns to investors, reflecting the fund’s strategic approach to value creation.
Established in 2015 under the Financial Services Authority’s regulations, the Izdihar Real Estate Fund is Oman’s first and largest Real Estate Investment Trust (REIT), managing assets worth over $230 million. Since its inception, the fund has consistently delivered an average annual dividend of 7.3%, attracting major investors such as sovereign and pension funds, corporate entities, and family offices.
The fund’s primary objective is to provide sustainable, long-term returns through investments in income-generating, high-quality properties within Oman and the GCC. With a focus on well-tenanted, marquee assets, the fund employs a meticulous strategy, from sourcing premium transactions and conducting in-depth evaluations to prudent investing, portfolio management, and strategic exits.
The recent divestment of Emaar Business Park – Building 3 aligns with the fund’s core philosophy of maximizing investor value. Managed by Bank Muscat’s seasoned Asset Management team, which boasts over 100 years of combined experience, the fund continues to uphold its commitment to delivering steady returns and capital appreciation.
Khalifa Abdullah Al Hatmi, Deputy General Manager of Investment Banking and Capital Markets at Bank Muscat, commented:
“The sale of Emaar Business Park – Building 3 is a significant achievement and marks the fund’s first exit, reflecting our dedication to delivering steady, attractive long-term returns for investors. We are also proud to report the fund’s highest-ever annual net profits in 2024, underscoring its consistent growth since inception. Looking ahead, Izdihar Fund is actively exploring new investment opportunities across commercial, residential, industrial, and mixed-use asset classes in Oman and the GCC.”
Acquired by Izdihar in 2019, Emaar Business Park – Building 3 is a G+6 property offering approximately 153,000 sq. ft. of premium commercial and retail space. Its strategic location in The Greens at Emirates Living, near Dubai Internet City, Media City, Palm Jumeirah, and Dubai Marina, ensures excellent metro and road connectivity. The building, fully leased to top multinational and regional companies, features a striking granite-and-glass façade that embodies modern architectural elegance.
The property was recently acquired by a prominent UAE-based group, making it one of the few freehold buildings sold along the iconic Sheikh Zayed Road. The transaction was facilitated by Knight Frank MENA, acting as the exclusive property consultant, and Al Tamimi and Company, serving as the legal advisor.
This sale not only highlights the fund’s ability to identify and execute lucrative investment opportunities but also reinforces Bank Muscat’s role as a key player in driving economic growth in the region.
