Font Size

- Aa +

Tue 4 Jun 2019 06:09 PM

Font Size

- Aa +

Oman's OFIC secures $46m financing for new food projects

Bank Nizwa signs sharia-compliant financing agreement with Oman Food Investment Holding Co

Oman's OFIC secures $46m financing for new food projects
The agreement follows another financing deal of OR15 million, which was signed last year between Bank Nizwa and Al Bashayer Meat Co, part of OFIC.

Bank Nizwa has signed a OR18 million ($46.8 million) sharia-compliant financing agreement with Oman Food Investment Holding Co (OFIC).

The financing will help the group to invest in new projects and promote its portfolio of food companies, a statement said.

The agreement is a part of Bank Nizwa’s commitment to contribute to Oman’s economic prosperity and spurring private and public sectors’ growth, it added.

The agreement was signed by Dr Hamad bin Said Al Aufi, Minister of Agriculture and Fisheries and chairman of OFIC, and Khalid Al Kayed, Bank Nizwa’s CEO.

The agreement follows another financing deal of OR15 million, which was signed last year between Bank Nizwa and Al Bashayer Meat Co, part of OFIC.

Al Kayed said, “Partnering with Oman Food Investment Holding Co is a translation of our commitment to diversify Bank Nizwa’s portfolio. These agreements will enhance our role as the leader of Islamic finance in the sultanate... This is a strategic collaboration, given our role in contributing to Oman’s food security both in the sultanate and outside.”

Saleh Al Shanfari, CEO of Oman Food Investment Holding Company, said: “Our partnership with Bank Nizwa will support us in partnering with strategic investors and growing our group companies. We are looking forward to a long and mutually beneficial relationship."

Oman Food Investment Holding Co is a government company that aims to invest in the food sector, nationally and internationally.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.