MUSCAT: Dhofar Islamic, the Islamic banking window of BankDhofar, has signed a financing agreement with ZL Group, an oilfield services company, to support the establishment of an Acrylamide and Polyacrylamide Production Plant at Sohar Port and Freezone. The agreement highlights Dhofar Islamic’s commitment to financing strategic industrial projects that contribute to Oman’s economic diversification, industrial growth, and Vision 2040 objectives.

The agreement was signed on behalf of ZL Group by Echo Liu, CEO of Group, while Dhofar Islamic was represented by Amor Said Al Amri, Chief Islamic Banking Officer.

As the sole financier of the project, Dhofar Islamic is supporting the development of a high-value-added manufacturing facility that is expected to enhance Oman’s industrial capabilities, strengthen local production, support exports, and create new employment opportunities for Omani talent.

Strategically located at Sohar Port and Freezone, one of the region’s leading industrial and logistics hubs, the project will benefit from access to global markets and integrated infrastructure, enabling it to serve customers across Oman, the GCC, and international markets. The facility will also support the growth of Oman’s chemical manufacturing sector and contribute to the supply of specialised polymers used in enhanced oil recovery (EOR), hydraulic fracturing, and drilling applications.

Upon reaching full operational capacity, the plant is expected to produce around 350,000 tonnes annually, positioning Oman as a significant global producer of acrylamide and polyacrylamide products. These advanced polymers play a critical role in improving oilfield efficiency, enhancing production performance, and supporting the development of energy resources.

The project represents an important partnership between Oman’s financial and industrial sectors, demonstrating the role of Sharia-compliant financing in enabling large-scale investments that deliver economic value. It will also contribute to strengthening local content, facilitating technology transfer, and developing industrial expertise within the Sultanate.

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

Dhofar Islamic operates a network of 31 branches across Oman, offering a comprehensive portfolio of banking solutions tailored to individuals, youth, women, Al Rafaa and Al Riyada cardholders, small and medium-sized enterprises (SMEs), and large corporations.