The National Bank of Oman (NBO) has signed a construction contract worth RO50 million ($129.4 million) with Al Turki Enterprises, a 100 per cent Omani-owned construction company, for its new headquarters in Muscat, a report said.

The new nine-storey head office at Azaiba is scheduled to open in 2017, added the Muscat Daily report.

It will provide around 50,000 sq m of office space and support facilities for the bank as it enters a new growth phase, said the report quoting a bank statement.

Leading local and international construction companies had contested for the project, the report said.

“Construction has already begun and the building is expected to be completed in the second quarter of 2017. We will start shifting our operations to the new location as soon as construction is completed,” NBO chief executive officer Ahmed Al Musalmi was quoted as saying.

“Our new head office will enable us to better service our customers, support our employees, and serve our country. This facility will add to our country’s impressive infrastructure and represents a major step forward for the sultanate’s financial services industry,” he added.