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Bank Nizwa signs financing deal with Nakheel Oman

27 Sep 2020

Bank Nizwa has signed a strategic financing deal worth RO10.4mn with Nakheel Oman Development Company. The Musharaka financing from Bank Nizwais slated to be used for the development and construction of the dates processing industrial complex in the wilayat of Nizwa.

This strategic investment in dates processing industrial complex will boost the post-harvesting activities of the sultanate’s One Million Date Palm Plantation Project.

The transaction signing ceremony was attended by Sheikh Khalid al Khalili, chairman of Bank Nizwa, Khalid al Kayed, CEO of Bank Nizwa and R Narasimhan, general manager of wholesale banking at Bank Nizwa whereas from Nakheel Oman Development Company the ceremony was attended by Dr Saif Rashid Saif al Shaqsi, chairman, Sheikh Rashid Saif al Mardhoof al Saadi, vice-chairman and Ali Said Ali al Araimi, general manager of Nakheel Oman Development Company.

Khalili said, “As one of the leading Islamic finance institutions in Oman, Bank Nizwa will continue to invest in projects that not only promise great returns but also positively impact the communities we operate in. The financing of Nakheel Oman Development Company is a testament to our commitment to the principles of Islamic finance, and Bank Nizwa will play a significant role in supporting the government’s diversification plan as well as its endeavours on food security. Under the leadership of His Majesty Sultan Haitham bin Tarik, we are confident that the One Million Date Palm Plantation Project will lead to the economic and social well-being of our country.”

In 2009, an announcement was made for planting of one million date palm trees in Oman. The Diwan of Royal Court initiated and now manages this project through the Directorate General of Million Date Palm Plantation Project. Nakheel Oman Development Company was established by the Diwan of Royal Court represented by the Directorate General of Million Date Palm Plantation Project and Oman National Investments Development Company (Tanmia) to invest in an array of endeavours related to date palm products and by-products including post-harvesting activities, logistics, marketing and retail.

Dr Shaqsi, chairman of Nakheel Oman Development Company, said, “The development of a national strategic framework on Date Palm Management and Sustainability is critical to the long-term economic and cultural vision of Oman. Omani dates are a benchmark in taste and quality, and we are content to have Bank Nizwa join us on the journey of continuing Oman’s rich heritage, sustaining its natural assets and building a strong path to progression. The project not only underpins economic growth, but also supports the people of Oman by preserving their culture, legacy, and generating employment opportunities.”

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