14 March 2011
MUSCAT -- Arab Bank Group has provided credit facilities totaling $410 million to three contractors to facilitate the execution for the development of Phase Three of Muscat International Airport.
Oman Arab Bank, Europe Arab Bank and Arab Bank plc in Bahrain have collectively provided the facilities which have been awarded to a consortium of three international contracting companies working on the project. The credit facilities provided include advance payment guarantees, performance guarantees, letters of credit as well as overdraft facilities.
Commenting on this achievement, Abdel Hamid Shoman, Executive Chairman of Arab Bank said, "Providing these kinds of credit facilities is a continuation of Arab Bank Group's leading role in providing financing solutions that keep pace with the demands of the strategic mega-projects in the region."
Shoman stressed that the size and diversity of facilities provided reaffirm the extent of trust and solid reputation enjoyed by the Bank regionally and globally, which stems from 80 years of experience, an entrenched global network and focus on customer service.
Muscat International Airport is one of the largest infrastructure projects in the Sultanate of Oman with the total cost of the project approximately $1.8 billion. The airport will have a capacity of 20 million passengers and the project will be implemented during a period of 38 months.
MUSCAT -- Arab Bank Group has provided credit facilities totaling $410 million to three contractors to facilitate the execution for the development of Phase Three of Muscat International Airport.
Oman Arab Bank, Europe Arab Bank and Arab Bank plc in Bahrain have collectively provided the facilities which have been awarded to a consortium of three international contracting companies working on the project. The credit facilities provided include advance payment guarantees, performance guarantees, letters of credit as well as overdraft facilities.
Commenting on this achievement, Abdel Hamid Shoman, Executive Chairman of Arab Bank said, "Providing these kinds of credit facilities is a continuation of Arab Bank Group's leading role in providing financing solutions that keep pace with the demands of the strategic mega-projects in the region."
Shoman stressed that the size and diversity of facilities provided reaffirm the extent of trust and solid reputation enjoyed by the Bank regionally and globally, which stems from 80 years of experience, an entrenched global network and focus on customer service.
Muscat International Airport is one of the largest infrastructure projects in the Sultanate of Oman with the total cost of the project approximately $1.8 billion. The airport will have a capacity of 20 million passengers and the project will be implemented during a period of 38 months.
© Oman Daily Observer 2011
