National Bank of Oman (NBO) announced on Monday that it has signed a credit facility agreement with Duqm Material Market SAOG to carry out the first phase of a Sino-Oman building material market project in Duqm.
The 72,000 sqm market, which will include workshops and warehouse facilities, is a joint initiative between Oman Wanfang, Al Thabat Holding and Oman Company for the Development of Special Economic Zone at Al Duqm SAOC (Tatweer), the bank said in a press statement.
The statement didn't disclose details about the type of credit facility, amount, pricing, duration or other information.
The market, slated for completion within 12 months, would be one of the largest comprehensive building material malls in the region, integrating production, trade and sales, the statement noted.
It said the project will not only serve construction projects in the Duqm Special Economic Zone but will also take advantage of its central location to serve the Middle East, East Africa and the Indian Subcontinent.
Nasser Salim Al Rashdi, General Manager - Chief Commercial Banking Officer said the agreement marks the beginning of an exciting partnership as NBO "is the first bank to finance Chinese projects in Duqm."
Hassan Shaban, General Manager - Chief Government Banking Officer added that NBO is supporting an increasing number of projects in Oman's industrial and infrastructure sectors (which includes the Duqm Refinery) that aim to increase the share of non-oil revenues as part of the country's diversification strategy.
(Writing by Madhura Deulgaonkar; Editing by Anoop Menon)
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