Saraya Bandar Jissah,the developer of the newest integrated tourism complex (ITC) in Oman, has secured $275 million in development finance following a recent agreement with Bank Muscat and BankDhofar, said a report.

According to the agreement, the entire first phase of the development - which comprises two beachfront Jumeirah Group hotels, three exclusive residential zones - Zaha, Nameer and Wajd, comprehensive recreational facilities and staff accommodation - will be financed to the developer, the Oman Daily Observer reported.

Shaikh Hamood bin Sultan Al Hosani, CEO of Saraya Bandar Jissah; AbdulRazak Ali Issa, chief executive of Bank Muscat; and Abdul Hakeem Al Ojaili, acting CEO of BankDhofar, signed the finance agreement.

Construction for the development is well under way and is scheduled for a grand opening in 2017.

Saraya Bandar Jissah will be home to 398 exclusive residential units, spacious hilltop villas, stylish town-houses and luxury apartments — all with attractive waterfront and mountainside views.