MUSCAT -- National Bank of Oman (NBO) and Duqm Development Company (DDC) have signed a long-term loan facility agreement to provide funding for the development of the Frontier Town Project Phase I, which involves developing a residential township consisting of apartments, villas and other common amenities for the management and staff of Oman Drydock Company (ODC).
The project being developed by Duqm Development Company is based on a long- term commitment by Oman Drydock Company to lease the properties built in Phase I. The project started in 2011, is progressing well and is due for completion by the end of 2012. National Bank of Oman is the sole arranger and provider of this large credit facility. DDC's frontier town project is the first major project to be funded by a bank and NBO is indeed proud to achieve this distinction.
NBO recently hosted a formal ceremony to mark the successful financial close of this credit facility, at the Grand Hyatt Muscat. The evening was attended by Board members and senior management teams of NBO and DDC. Also present at the function were senior management members of ODC and Duqm Special Economic Zone Authority and other distinguished guests.
Ahmed Musalmi, NBO's Deputy Chief Executive Officer said: "NBO is an active player in the project financing market in the Sultanate and has led and participated in a number of successful infrastructure, power and petrochemical projects in Oman. We reiterate our commitment to projects of national importance keeping in mind the vision and guidance of His Majesty Sultan Qaboos. We firmly believe that Duqm as the emerging hub will soon be the ideal model town displaying His Majesty's vision for the nation.
We greatly value our relationship with Duqm Development Company and we look forward to continuing this mutually beneficial relationship. On behalf of the Board of Directors and the CEO of NBO, I take this opportunity to thank DDC for their confidence and faith in the bank to structure and deliver this facility."
Speaking on the occasion, Ahmed Sulaiman al Maimani, Chairman of the Board of Directors of DDC, added: "I take this opportunity to express our sincere appreciation and satisfaction to NBO for their professionalism and commitment to the project. We look forward to a long-term mutually beneficial relationship."
© Oman Daily Observer 2012
