Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’, and commitment to partnership in sustainable development, signed a long-term secured credit facility agreement for RO 120 million with Oman International Development and Investment Company (Ominvest).
Ominvest’s investments are diversified across banking, insurance, leasing, real estate, investment banking and private equity. Ominvest is the largest public listed investment company in Oman, and amongst the largest in the region. The credit facility is aimed at creating a stronger capital structure and long-term liquidity for Ominvest.
Abdulaziz al Balushi, Group Chief Executive Officer of Ominvest said: “The long-term credit facility signed with Bank Muscat gives us operational and financial flexibility needed for delivering on our commitment to grow and expand our investments within and outside Oman in accordance with our strategic plan. We are pleased with the support we have received from Bank Muscat and value their continued confidence in our business.”
Commenting on the agreement, Abdullah al Hinai, General Manager — Wholesale Banking, said: “Bank Muscat is proud to successfully close the long-term financing agreement with Ominvest. The credit facility comes within the scope of joining hands with partners to achieve the highest value for the national economy. Bank Muscat always recognises business initiatives of Omani corporates and has expertise in providing tailor made finance solutions.
Bank Muscat is proud to be associated with Ominvest as our business relationship has grown over the years and we look forward to further strengthening mutually beneficial relations.” In the corporate and project finance segment, Bank Muscat maintains leadership position, enabled by its deep expertise, innovative structuring capabilities and sound due diligence techniques, thus catering to long-term financing requirements of major projects in the Sultanate.
Building on the government’s focus to diversify Oman’s economy, Bank Muscat has been associated with major syndicated financing programmes across various sectors. The bank’s clients include multinational and domestic companies engaged in activities across all sectors of the economy such as contracting, trading, power, water, telecommunications, oil & gas, aviation, shipping, airport and ports, gas & petrochemicals, real estate and international trading.