Muscat – Qatar National Bank (Oman Branch) has signed a strategic funding agreement worth $43mn with Karwa Motors, a joint investment initiative between Qatar and Oman.

The agreement aims to finance the implementation of a five-year project between Karwa Motors and the Ministry of Education in Oman, with a total value of $287mn. The project is designed to enhance the efficiency of the school transport sector in line with the latest global standards.

The agreement was signed by Khalid al Barwani, CEO of Qatar National Bank in Oman, and Dr Ibrahim al Balushi, CEO of Karwa Motors, in the presence of senior officials from both parties.

In addition to supporting the school transport sector in Oman, the new partnership agreement reflects Qatar National Bank’s commitment to expanding its customer base and strengthening its position as a trusted financial partner for corporate clients in Oman by providing them with comprehensive banking services and solutions.

The agreement also marks another step forward in enhancing the bank’s status as a leading financial institution, following its success in securing several significant deals across various economic sectors. This aligns with its strategy to support national industries in line with Oman Vision 2040.

Commenting on the new agreement, Barwani said, “As one of the leading financial institutions in Oman, we are always keen to support projects that encourage innovative solutions across all economic sectors, including transportation. This initiative will contribute to accelerating the implementation of plans related to the National Programme for Economic Diversification.”

Balushi said, “Under this agreement, Karwa Motors will receive financial facilities from Qatar National Bank, reflecting the mutual trust between the two parties in strengthening the company’s financial capabilities and expanding its business scope. These banking facilities will enable Karwa Motors to achieve its expansion goals and strengthen its presence in the regional automotive sector. The financial support will enhance our operational processes and services, allowing us to provide the best options to our customers.”

“Qatar National Bank is one of the largest banks in the region, renowned for its exceptional financial solutions, making it an ideal partner for us at this crucial stage of our journey. We are confident that this agreement will contribute to achieving Karwa Motors’ future ambitions and support the company’s sustainable growth in the coming years.”

Qatar National Bank (Oman Branch) is a subsidiary of Qatar National Bank Group, one of the leading financial institutions in the Middle East and Africa and among the most valuable banking brands in the regional market.