Property Income Fund launched by Bank Muscat

June 9, 2014 12:58 pm

Bank Muscat has announced the launch of the GCC Property Income Fund, a fund managed by the lender’s asset management division, to harness opportunities in the property market, Times of Oman has reported. The fund will invest in income yielding properties that generate a stable annual yield of 7-8%, Bank Muscat said. The fund completed recently its first transaction by acquiring Mövenpick Hotel Jumeirah Beach, a five-star hotel located in the beachfront area of Jumeirah Beach Residence in Dubai.