Muscat – Following the success of the first phase of the Khazaen Economic City, ahli islamic, the Islamic banking window of Ahlibank, has signed a financing agreement for the development of the second phase of Khazaen Economic City.

Located in Barka, the heart of the sultanate’s most populous district, Khazaen is a city brimming with commercial activity. It is growing at an exceptional rate, standing as Oman’s premier economic development zone. As an innovative player taking a transformative leap, ahli islamic showcased its expertise in financing a project of such scale, ushering in a new age of sustainable development and economic prosperity.

In a press statement, Zainab al Lawati, AGM – Head of Corporate Banking at ahli islamic, said, “At ahli islamic, our pride is demonstrated in our innovation, as we drive the progress of the community and the Omani people. Through such projects, we aim to foster growth and prosperity. By providing substantial financial support, we will leave an indelible mark and a lasting impact, now, and for future generations to come.”

“Khazaen is one of the many projects that we anticipate will cause a transformative shift in how people perceive modern cities. Ahli Islamic is grateful to have played a pivotal role in such a grand endeavor, and we look forward to seeing Khazaen upon its full completion,” she added.

Eng Salim al-Thuhli, CEO of Khazaen Economic City, said, “At Khazaen, our goal is to bolster the gross domestic product through economic diversification, attracting valuable local and foreign investments, fostering commercial opportunities for SMEs, optimising spending on goods and services, and generating job opportunities for our national workforce.”

“This collaboration with ahli islamic in various promising sectors underscores the significance of the banking industry in advancing development and economic growth in the country, as well as enhancing the business ecosystem to streamline the investors’ journey.”

Khazaen Economic City is a hub that seamlessly integrates logistical and industrial facilities, complemented by top-notch infrastructure, positioning it as a prime location for investment.

The city offers a plethora of investment opportunities across key sectors such as logistics, food, industrial, pharmaceutical, clean energy, technology, and business. These sectors play a crucial role in driving economic and social development.

Khazaen Economic City has successfully attracted total investments worth approximately $1bn, including significant foreign direct investments exceeding $583mn by the end of 2023.

The partnership of ahli islamic in financing Khazaen Economic City underscores its dedication to supporting initiatives that propel the national economy forward, thereby bolstering the private sector’s contribution to the country’s development trajectory.