$27mln deal to support financing of date processing complex in Oman

The plant will be constructed in the Wilayat of Nizwa

  
Image used for illustrative purpose. Aerial view of cars zooming on the highway near the sea.

Image used for illustrative purpose. Aerial view of cars zooming on the highway near the sea.

Getty Images/Pankaj & Insy Shah

MUSCAT, SEPT 27 – Nakheel Oman Development Company SAOC, a joint venture partnership of the Directorate General of Million Date Palm Plantation Project and Oman National Investments Development Company (Tanmia), has signed a strategic financing deal worth RO10.4 million with Bank Nizwa to support the development and construction of a date processing industrial complex in the Wilayat of Nizwa.

Representing Bank Nizwa at the Musharaka financing transaction signing were Shaikh Khalid al Khaili, Chairman, Khalid al Kayed, CEO, and R Narasimhan, GM of Wholesale Banking, while Nakheel Oman Development Company was represented by Dr Saif Rashid Saif al Shaqsi Chairman, Shaikh Rashid Saif al Mardhoof al Saadi, Vice Chairman and Ali Said Ali al Araimi, General Manager

In 2009, an announcement was made for planting of one million date palm trees (MDPP) in Oman. The Diwan of Royal Court initiated and now manages this project through the Directorate General of Million Date Palm Plantation Project. Nakheel Oman Development Company was established by the Diwan of Royal Court represented by the Directorate General of Million Date Palm Plantation Project and Oman National Investments Development Company (Tanmia) to invest in an array of endeavours related to date palm products and by-products including post harvesting activities, logistics, marketing and retail.

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