Muscat: Dhofar Islamic, the Islamic banking window of BankDhofar, has signed a financing agreement with ZL Group to support the establishment of an acrylamide and polyacrylamide production plant at Sohar Port and Freezo

The agreement underscores Dhofar Islamic’s commitment to financing strategic industrial projects that support Oman’s economic diversification, industrial development and the objectives of Oman Vision 2040.

The agreement was signed by Echo Liu, CEO, ZL Group, and Amor Said Al Amri, Chief Islamic Banking Officer, Dhofar Islamic.

As the sole financier of the project, Dhofar Islamic will support the development of a high-value manufacturing facility expected to strengthen Oman’s industrial base, boost local production, support exports and create employment opportunities for Omani nationals.

Located at Sohar Port and Freezone, the project will benefit from the integrated industrial and logistics infrastructure of one of the region’s leading trade hubs, enabling it to serve customers across Oman, the GCC and international markets.

The facility will manufacture specialised acrylamide and polyacrylamide products used in enhanced oil recovery (EOR), hydraulic fracturing and drilling operations, supporting the growth of Oman’s chemical manufacturing sector.

Once fully operational, the plant is expected to produce around 350,000 tonnes annually, positioning Oman as a significant global producer of acrylamide and polyacrylamide. These advanced polymers play an important role in improving oilfield efficiency, enhancing production performance and supporting energy resource development.

The project is also expected to strengthen local content, facilitate technology transfer and contribute to the development of industrial expertise within the Sultanate.

Commenting on the agreement, Dhofar Islamic reaffirmed its commitment to supporting projects aligned with the Sultanate’s national development priorities by providing innovative Sharia-compliant financing solutions that promote sustainable economic growth and empower productive sectors.

Dhofar Islamic operates a network of 31 branches across Oman, offering a range of Sharia-compliant banking products and services to retail customers, SMEs and corporates.